I think it's the list of qualifications that is scaring people off.

While the overall qualifications of the prospective tenants you'll see will likely be lower, remember that the liability they are qualifying for is also lesser.

(Note, I'm in the Metro Detroit area). 1) Depends on how much income you have to qualify with, as with rates and qualification there are 20+ variables that can affect your rate so that would be too long for this response2) Average turn times are about 20-25 calendar days and if you have a complex file with multiple corporate entities and properties it could take as long as 60 days.

The question really is whether I should place contingency on the roommates as a qualification of approval for the primary applicant. 

The income might be verified by leases, during the qualification process.

Are there specific areas, or qualifications, you are looking for?

Additional Offline StepsPrior to auction day, you'll need to provide a Bidder Qualification Form along with proof of funds for the amount equal to the maximum bid that you wish to place.

If so, is it enough that they are certified with the state (Oregon) or are there other qualifications that I should require?

If you are claiming deductions such as depreciation doesn’t that substantially decrease your income for qualification purposes?

Traditional banks offer the lowest APR (3-5% right now depending on factors, but usually over 4% for investment properties) but require the most (income qualifications, W2, steady income, etc.).