FHA offers less strict net worth requirements but they are in most cases not suitable for the acquisition of an existing property in the current market environment since it takes months (typically 6+) to close them due to extensive due diligence requirements.

How long would you stay there if the check bounced, or the company said we will give you a check when we make a suitable profit which could be never?

As long as you have a preapproval letter from a reputable institution, your role wont be so much as the qualifier as it would be the selector of the buyer with the most suitable offer and the best likelyhood of closing.

Would it make a suitable rental property if you moved out and bought a different home?

Sounds like when you sell a trust deed investment you have to make sure the buyer is “suitable”, if it is determined they are not you can be subject to some strict civil penalties.

Not all types of education are suitable for all types of people and not all college degrees are created equal.

A tenant can sue for sure as anyone can but what they sue for would be offset by rent owed so they don't get anything out of it.These types of laws vary by state.Cop said you could get power turned off and they might leave but then they also might light candles and pull trim off of the walls to burn for heat.I have seen in eviction hearings before when a tenant has said that the place is not suitable to live in.The judge asked them why they didn't leave and they said because the rent price is so cheap.The judge then said you ask the landlord in writing to make the repairs.If they do not make the repairs then you leave or pay to have the repairs done and keep the receipts so they can be deducted off of the rent owed.The judge said he has never seen a tenant pay for repairs in his history on the bench.Then the judge simply issues judgement in favor of the landlord.Hypothetically speaking the tenants need to leave or fix the place on their own cost.Doesn't make sense as a landlord to fix a bunch of crap for non-paying tenants you would are evicting anyways.They will just cause more damage to the unit.Better to get them out and then fix everything.

Keep in mind, going into this venture I did not picture myself as a flipper and promised myself that this volatile market was not suitable for such a project.

You could get detailed with reviewing applications with what you determine complete or incomplete for verification purposes, but you always run the risk of a suitable tenant putting in multiple applications in, at several properties and turn you down. 

What kind of entity will be suitable to get the financing?