Asking for clarification on a tenant screening/application issue. 

My limited understanding of a subject to is that the mortgage stays in the seller's name and the seller gives me limited power of attorney as well as Deeds me the property. 

@Lana Lee I understand class as location, condition, and amenities (with locating being the limiting factor).  

Just remember that you need access to capital to keep doing deals so if you are limited on funds and tie it up in a rental property that makes you an extra few grand a year you may be limiting yourself to doing other projects.

If you quality you will enjoy the benefits such as large contribution limits up to $61,000 per year, exempt from UBIT tax on leveraged real estate, ability to invest tax-free using Roth sub-account and more.

Am I obligated to stay with the first applicant we told we would move forward with?

Looking through the MLS for a flip hasn't worked out and the few wholesalers I'm working with have limited inventory that satisfies my needs.

I may purchase the properties upfront by cash, say 25K, however I need a loan to fix it up, prob a hard money lender which is the only option I can think of. the house foundation is 750 sqft big that also limit the ability to expend, unless I build two floors. the ARV could be 100K to 130K. 

There would be no refinance in this situation since there was no original financing to begin with.As for the credit cards, to get a single card with a 20k or more limit would be based on your credit history, but American Express has been known to be generous with initial limits and credit limit increases after 60 days of opening the account and then 6 months again after that.

Heather, you must really get a better application process.