What’s being tokenized and offered to investors are income rights—a legal claim to a percentage of the rental income and, if applicable, appreciation in property value.

They told me they have a few SB-9 applications in process and expect it to take 3-4 months (ADUs they're deciding within 30 days).

You screen applicants because you don't know them!

Quote from @Teekap Pate: Hello, I have my first tenant application for my investment property come in.

or scammed them on their application fee (like we're going to make a ton of money off those).

My tenants Lease Agreement expired May 2023, putting them Month to Month, is this still applicable?

It’s a real hodgepodge of applicable regs.  

—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.This email is not intended to provide legal advice or serve as a substitute for legal research to address specific situations.

Its somewhat like a RE license vis a vi a RE broker licenseyou need to start as an MLO  ( mortgage loan officers)  Before you can became a Mortgage Banker  as stated above you need to show experience. 

I'm not interested in their golden visa program though, just from a real estate investment side of things.