the claim that PM cannot share tenant's credit file / application is fundamentally incorrect because (caveat - not a lawyer so this is not a legal advice, was told this by a lawyer, but you still need to talk to your own lawyer)1. the business relationship is between the landlord and the tenant, not between the property manager and the tenant - property manager is given limited rights by the landlord, which include tenant screening on the landlord's behalf, collect rents, etc. and all such limited rights are fully revokable. 

Hey there, I would be happy to give you my thoughts on your strategies if you want to set up a call. the underlined statement is completely incorrect though unless I am misunderstanding:" Nearby Rural: Limited development might mean slower changes to the landscape but potentially fewer surprises.

Doesn't account for vacancy, unexpected maintenance, incorrect underwriting, etc.

There is not a second W2 or 1099 with more income coming in correct?

Sure, it can be abused, done incorrectly, or made to take advantage of the uninformed.  

It should concern you that done incorrectly you can be sued and investigated.

@Tom Puiia - the biggest thing I see generalist CPAs handling incorrectly is the depreciation schedule.

If I am incorrect then Jay can correct me.

@Joel HuntYup, so as you've surmised, your borrower processed the 1099 incorrectly. 

Definitely be careful, as most nationwide brokers will incorrectly rate you for traditional property management insurance, which almost always applies to LTRs and specifically excludes STRs in the fine print.