He told me to fill in an application that asked me personal questions, like goals, financial status etc and then have a call with one of his sales guys.

EXAMPLE: Had an applicant several years ago.

My understanding is that you have to submit an application with the county in the same year as the transfer/purchase.

Many tax laws are open to interpretation and even an incorrect application abuse of the law is probably not getting anyone thrown in jail especially when they will eventually pay their taxes on the money. 

Do you still use an application?

If not, CAP rate is a metric, but not applicable as 4 and under are residential and valued by comparable sales.

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).

Better to lose a non-refundable application fee than your shirt.

If they provide sketchy information, deny their application and move on.

For instance, we had an application today where the wholesaler got a home under contract for $200k and then put a $50K mark-up on it to sell it to the "C" buyer for $250K.