Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags.

Heres the numbers:  Borrower(s)Subject PropertyRate Not Locked 9/30/2024 Sales PriceDown PaymentLoan Amount30 Year FixedContract DepositSeller ConcessionNMLS#  $670,000.00$167,500.00$502,500.007.000% $0.00$0.00  Bank Origination Charges Estimated Title / County / State ChargesOrigination Points % $ - Owner's Title Insurance $ 4,415.00Discount Points % 1.500% $ 7,537.50 Lender's Title Insurance $ - Underwriting Fee Title Search $ - Appraisal Fee $ 650.00 Title Services $ - Credit Report Services (1) $ 299.00 Alta 8.1 $ - MERS Fee $ 25.00 Recording & Transfer $ - Flood Certification $ 8.00 Notary $ - Tax Service $ 85.00 Settement Fee $ - VOE Fee $ 150.00 Total $ 4,415.00 Total $ 8,254.50 Prepaid Interest / Items Potential Additional CostsPer Diem Interest 15 Days $ 1,465.63 Rental 1007 $ 250.00Home Insurance $ 1,800.00 New Survey (if applicable) $ -Flood Insurance $ - 2nd Appraisal / Reinspection $ - Total $ 3,265.63 Total $ 250.00 Escrow and/or Property Taxes Due Total Estimated Monthly PaymentsTotal Insurance(s) 3 Months $ 450.00 Principle and Interest $ 3,343.15Property Taxes 4 Months $ 2,868.64 Total Property Taxes $ 717.16Total $ 3,318.64 Total Insurance(s) $ 150.00 HOA / Maintenance $ - Monthly PMI $ - Total $ 4,210.31Total Estimated CostsEstimated Closing Costs $ 12,919.50 Estimated Escrow Prepaids $ 6,584.27 Estimated Funds To Closing $ 187,003.77

Depending on the endeavor, your still have potential origination, closing cost, reserves of different size(deal type dependent) and other applicable fees/costs.

Hey Folks, Renting my first ever property via zillow rental tool, just within 1 hour of posting I got an applicant.

The agent gets paid when they find a tenant, so they have an incentive to take the first applicant with a pulse.Otherwise, hire a PMC.

3) What discussions have you had with your PMC about HOW they screen applicants? 

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).

Or do you base terms on down and their credit application?

He stated they also have misunderstood the application of the law, and in doing so, made a hasty response to his request that they notify the tenant which leaves them open to a claim against them. . should anything go wrong. 

I tried to find a qualified tenant around May for about a month, I had everything in place (application, rental criteria, lease agreement, background check co., tours, etc) however, many applicants had evictions and poor credit history (low credit score doesn't bother me, but when you have 7-10 credit card and personal loans in default, it's a serious red flag.)