If someone new is moving in I would want something in writing signed by all my current tenants stating that this is ok with them, and I'd want a background check/application on the new person too.You may want to consider asking for more in rent if you are paying any utilities if you can.

HiI have an applicant who has bankruptcy filing (havent checked what stage it is in yet) and an income to rent ratio of 2.4.

Absolutely don't change that for an applicant that doesn't quite meet the standard.

Bottom line, yes, running around asking people to loan you money can be a security violation.Borrowing funds from someone you have a relationship with can be the exemption, soliciting from the public is a different matter.That's why I suggest you simply show your success and allow them to approach you, as they will, then go one on one, privately, no written materials for them to carry off thinking they have some representation, all they should get is the note and security agreement and perhaps disclosures applicable to what is to be done. :)

Apply, or authorize the application of, rents from such dwellings for the person’s own use.(2)?

From the IRS: The applicable percentage used to figure the ordinary income because of additional depreciation depends on whether the real property you disposed of is nonresidential real property, residential rental property, or low-income housing.

However, there is RenterInc, which looks like it's legal and gets data from multiple databases, so there are more chances of getting a result on your applicant.

I guess you could ask the seller to inform the new tenants that they should instead go through your own application process as opposed to getting them in there on May 30th prior to closing.

After sucking you in, the charge you the application fee and appraisal.

If the application process is a nightmare that can also cause problems.