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

Do you still use an application?

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.

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.

So if we were given 30 days notice we could turn on our marketing, screen applicants and almost always dovetail  the new tenant’s move-in to within a few days of the old tenant exiting.  

Hope that’s kosher…You might also want to consider moving your notes to a servicer, thus you'll be in compliance with all applicable statutes and other crazy regulations spun up by Liz Warren. 

The prospect completed an application and checks the credit and income boxes but does have a mark on the criminal record.

I saw people do remote management for short term rental, wondering if this can be also applicable for a remote long term rental.