@Brian CoughlinIt's tough as it is for me to find decent tenants in the areas I rent in so I am more permissive with who I will let move inI don't operate on the assumption that someone coming to look at one of my rentals has access to the internet or the patience to fill out a lengthy or complex application or to even pay an application feeAlso, I can't afford for my properties to be vacant for long because people will steal HVAC equipment, copper and wiring if left vacant for long enoughI generally just check to make sure they have some kind of income coming in and that they don't have recent rental judgments or feloniesIf they do have recent rental judgments sometimes I will still rent to them with a double security deposit as long as they didn't destroy the last person's property

The lien process is lengthy though and labor intensive. 

It can be hard to place specific responsibility on a tenant if everyone can access the area.7 - Lease length is up to you.

My house has been on the market for a lengthy period of time.

“I worked with an investor once, and they would call at all hours expecting me to drop all my other clients to work on what they wanted.”Again, I could make a lengthy list, but a majority of the complaints from the agent side have a common thread.

Ironically, my agent warned that buying a short sale property can be a lengthy process.

These include: The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) and the banking departments of various states also regulate financial institutions.Traditional Bank Cons:Possibly Lengthy Application ProcessStrict Underwriting Guidelines including financial documents to support debt to income ratiosLonger Underwriting Times that can go between 45-60+ days depending on property.Private Lender Pros:Fast & Easy Application Process due to being asset-based lender.Credit Score less of a factor as the weight is based on ability to make payments and not debt-to-income ratios.Generally quick funding turnaround between 5-10 business days. 

If you want new build, I'd go for "almost new" so you can stick with promulgated TREC real estate contracts rather than builder contracts which are typically extremely lengthy and padded with builder "outs"

I have considered it, and decided against it, because of the very lengthy and cumbersome process needed to get my money back if the borrower defaults.

I do not agree with a lot of the terms and conditions of the lengthy HAP contract that must be agreed to by you and added to the Rental Agreement with your Tenant.