This is not even close to the documents required for a properly drafted loan.

Being able to use real estate to offset taxable income requires some sort of participation on his end.If he wants you to be the boots on the ground, it will likely be hard for him to reduce his taxable income.

These are typically interest only and require a payment of 1-4 points up front depending on your area and the PML.

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

Kitchens, Appliances and relocating plumbing for revised kitchen layouts, adding in-unit laundry etc. are what generally drives these apartment renovation budgets assuming the mechanicals don't require complete upgrade or replacement. 

You’ll need to pay MLS dues for access to MLS which in some areas requires NAR/ board of Realtors membership (~$2,000/yr in my market).

Follow the law and send the exact required notices. 

Hi Ryan, There are many DSCR lenders that do not have a minimum ratio requirement to get a higher LTV.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

The lender had their own unique requirements.