You are allowed to ask the applicant questions.

If so, that would remove one major and valid objection to letting unsupervised strangers into houses.In my own business, an applicant can apply for an apartment before touring it.

I just received an application from someone who meets the income requirement (3x rent) but not the credit rating requirement.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

As you know, most residential doesn't work on cap rates, but if you are in those MF like you have then this is applicable. 

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

When applicable I try to get the picture with the unit number right next to the document.

If it were more than three years ago and everything else on their application was perfect, then I would consider it.However, I've never seen that in 15 years of management with hundreds of rentals and thousands of applications.

Something problematic they find that was undisclosed on your application (not saying you'd do this, just giving an example), title issues, entity issues, issues with the appraisal even if the value is acceptable...you can either bite the bullet and pay for the appraisal, don't move forward with the loan, or try and find a HML/PML willing to lend to you without an appraisal.