I took two business law courses in college. 

As stated previous neither lender would want to take the second position as well. 

I'd target areas near colleges or transit hubs for affordable properties, and I’d look into financing options like FHA loans or creative financing to make the most of my capital.

I walked all the nearby comps, gave the seller my opion/list of what his property was "missing" (fenced yard, light staging, add a 3 board fence panel and landscaping here...) and advised him to get a surveyor to mark the lot corners...The previous agent had not suggested they get a surveyor to mark the lot corners when he bought the property to flip....there's a chance the house or driveway may encroach the neighboring property.  

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources.

Hey fellow suburban Illinois BPers - Not sure if this has been sent/shared previously, but thought it'd be good to recap - Chicago Agent Magazine recently reported that suburban Chicago was ranked the second-hottest rental market in the nation (Here’s the article.).This confirms what a lot of us have seen: demand for rentals is really strong in the suburbs right now.

For example college rentals generate some of the highest ROI of properties I come across in New Jersey but it depends on the school and location of property.

I buy homes as a primary residence with 5% down and move into them keeping my previous as a rental and the area that I live doesn't have new builds that would work for us, otherwise I would buy a new build. 

That way, there is some type of cushion to help against any high usage months, should they just happen to use more than your previous tenants did, or if you unfortunately get tenants who abuse the "utilities included" opportunity.