It’s quite appealing as a long term investment - even at today’s rates.

I don't know if credit unions can ever do this stuff?

(This assumes you have a credit card available to pay for any repairs.).

Rate shop .

My suggestion is to find some real estate industry surveys (via CBRE or others) and look for the MF cap rates in various cities/states/regions.

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business. 

I would pay them separately rather than giving a rent credit.

@Donald Hatter We send the information to a collection agency who attempts to recover the money; after they make several attempts they place it on their credit report. 

For those that qualify for conventional financing its another negotiation tool, for those that do not its a way to get into real estate but many do not understand what it is they are signing up for.Regarding it being good for an owner, again it goes back to the borrower, if I have a borrower with 800 credit and I control cashflow its far different than someone with 540 credit.

Also being open to section 8 could help with keeping vacancy rate low.