I have heard vented units don't dry as effectively but haven't heard any complaints from my tenants and believe the technology continues to improve.

do not use a line of credit for a down payment. 

Combine that with some government austerity and the debt issue improves.

@Jayna Stevens - Pros - Fast closing, construction funds given, credit score usually not a factorCons - Short term financing and expensiveYou need to have more than 1 exit strategy and you need to have enough funds to carry the interest payment in the event that things don't work out. 

Run credit and background checks, actually call the listed referrals, and ask for bank statements.

If you're focusing on rural properties, sometimes local community banks or credit unions are open to these types of deals.

I make sure I screen each potential tenant thoroughly (background and credit checks) and require references.

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

As for non-bank loans, I'm familiar with a loan program that provides 100% financing, but it requires a minimum 650 credit score and proof of funds covering 12 months of interest.

RentRedi’s syndication marketing helped us secure a great tenant in under four days, including employment and landlord verification, as well as criminal, credit, banking, and eviction history checks.