It can also lead to abuse by tenants and neglect of properties by landlords, as there's no incentive to improve housing.If anyone doesn't know yet there's a major push for rent controls in cities across California and even at the state level (AB1506 trying to spread it to SFRs and condominiums). 

I am looking to buy a potential 2/2 condominium unit.

Focus more on people who meet the income guidelines you have set, their credit report shows they pay their monthly household bills, and whom are not felons. 

Plan to presale 70% of 400 commercial condominium units prior to construction to gross $150MM, just like we did in the previous similar project.The only missing piece is to have a JV or investor willing to show prove of funds needed to process construction loan, around 25 to 30%.

Nothing I'm aware of bars attorneys from drafting, reviewing, and advising on promissory notes, but loans used for household purposes typically now require it to be finalized through a licensed broker with specific disclosures.

I am trying to do underwriting of a group of condominiums that are for sale. 

Average credit score is in the high 500's and the average household income is well below national average.

I'm not sure if you have the ability to save money not allocated to your household expenses.

I just did a drive by today and noticed my tenant is storing an excessive amount of household items in the yard, including indoor furniture. 

Thanks for sharing, @Max Householder!