Over the past 3-4 years we have had an influx of out of state (no offense intended) money chasing deals and driving up purchase prices, lowering cap rates and the ability to increase NOI significantly.

When I rent to applicants I consider what they tell me and then verify with Credit and Criminal Background checks. 

The final step of the application is a credit/criminal background check on all residents over 18 (costs $35).

I still want to do background criminal checks, but they don't want credit reports ran, which I figure isn't really needed anyways since the individuals aren't paying the rent.Would you rent to them?

Personnel I feel they are so far off reality that the assessors are criminally negligent in their assessments.

At a minimum, run a legal/criminal background check on every occupant who is age 18 or above.

Smart move by transunion I have using and costs me $15 per person through my buildout account and it checks credit, criminal and eviction history .

You're entering a field where a large majority of the so-called professionals in this industry will see it COMPLETELY opposite to you, and you'll start hearing things like "Well this offer is half of what it's worth, so clearly, you're still new at this" or "This can't be considered a serious offer" etc, not counting the abuse you get from homeowners who find your offer, or even your marketing or presentation, personally offensive.

If you do not intend to live in the property for at least a year at the time you close on the mortgage, I believe it would be mortgage fraud, which is a federal criminal offense.

No pickup cash.Number 1 it's not safe for your property manager and invites a criminal act against them for robbery.Number 2 some PM's have stolen money in the past and it is tempting for them when life's  problems are staring them in the face.I had an issue years ago where a tenant that pays late but normally pays the rent had not came in.