All they have to do is sit back and make the decisions - all the time-consuming analysis is done before they even see the deal.  

Discretionary spending for exotic locations would be the first to be cut by consumers but travel for holidays, work, and family visits would likely be prioritized, making STRs in more accessible locations more likely to be booked.

Come on, what do you think happens when tourism, consumer spending, and global trade decreases drastically?

Just from what I covered in my morning readings, 70% of the US economy is based on consumer spending.

I talked to an attorney about a civil lawsuit which I may have a fair chance of winning but that would be costly and very time consuming with no guarantee of a positive outcome.

Consumer spending will be going down.

You don't want to be the drafter and take short cuts as there is a possibility that the court system may view this transaction as a consumer-to-lender transaction.

They will hear ... this guy has been ripping me off all along.Outside of buy and hold real estate I have been a consumer goods retailer all of my life and I can assure you your intentions will be misinterpreted.

In NJ landlord registration takes place either through the State Department of Consumer Affairs (like in the situation you describe) and through local government. 

@Wendy Lavana  If you denied them based on information contained in a consumer report, then you must provide the applicant with an Adverse Action notice (not the actual background report).