Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

I simply wanted to exit two deals to begin gaining credibility in the eyes of hard money lenders.

That being said, there won't be any down payment required since you have equity (you're guessing ~55,000 but I wasn't sure if you were meaning the property is ballpark worth ~$175,000, or more than that). 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

.👀 Risk ManagementBoth investments require risk management:Stocks: Company performance, market conditions, economic factorsReal estate: Property maintenance, tenant quality, local market changesBut guess what?

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.

They could make legal arguments about hardship and/or off-sets for non-compliance by landlord, but this would require posting rent or coming even with rent.

If you allow pets, your lease should require proof of licensing, regardless of breed.If the owner lets them run, with ensuing "incidents," I guarantee that violates city statutes.I (personally) would advise getting rid of the tenant.