Quote from @Raghavendra Jakkani: Yes, you should screen and approve every adult living in the home, whether they contribute to paying rent or not.

@Austin TessTo buy your first multifamily property, follow these steps: get pre-approved for financing with an FHA Loan, identify a high rental demand market, choose between house hacking or pure rental strategy, analyze the property using the 1% rule, build a team, negotiate the purchase, and manage the property professionally.

The county is the second fastest-growing in the U.S. and the fastest in North Carolina.The zoning for the project is already approved, and with our captive audience of potential tenants, I’m confident that all units will be leased upon completion.I’m seeking advice on how to best structure this debt with a private investor or investors in the short term until the property is fully rented and long-term financing is secured.

Pictures and details available when you ask and send me a POF or approval..

This can delay the process because they must approve the plans through the eclipse system before the plans examiner can review and each time the plans are resubmitted the plans first must go through any pre-requisite review agency which can add lots of time.

I have new builds in the city of Miami where its taken me 2 years for approvals compared to unicorporated Miami Dade where I can have approvals in as quickly as 3-6 months.

@Maria Apostolova-MihaylovaIs the credit score the only issue you are finding that is stopping tenants from being approved?

A zoning board meeting and vote is required for a variance approval and is usually rejected due to local political opposition.Also, there might be problems with files from 1915 and it took me 3 visits before they were able to locate the files and see the original plans.

There's no need speaking with anyone who isn't approved for at least the full amount of the rent.  

I think it is easier to find a deal if you are house hacking since your deal doesn't need to be a home run; it just needs to be better then the alternative (paying rent).To be completely honest the loan officer never clarify why I got pre approved for 300K and when i got into a contract for 268k and we were ready to close they said I was 800dollars off.