.- We hustled Shawn for a lunch meet / brain picking session :) very busy man so my deepest appreciation to him (I give him credit to get my gears turning)- Subscribed to BP - Still new to the site but we are so amazed of the tons of info, resources and amazing people to learn from that even for someone with a real estate back ground, I’m learning new things everyday.

How much should i have down, what pointers can any one give me so i can be prepare as much as possible.

He is here to start a new business and currently works at a restaurant making $45k/yr. his application is very good with a credit score 733 and previous yrs income of $75k-$100k.

I like to think of it as a revolving credit facility where I am the bank and I don't have to rely on an external credit committee and the associated red tape to draw from the facility

Hello BP,I have used the same screening service for my last two tenants and although the credit checks are  completed and returned promptly, the background check usually takes 5-7 business days.  

Even through the large losses I've managed to keep an 820's credit score, we'll see if that matters I guess.

I would be looking to get it at a low enough price, along with the home improvements done after purchase (also with 15%-20% down) to take out a home equity line of credit.

I have a prospective tenant with a credit score of 577.  

Do you have any suggestions on how to educate myself before jumping in to purchase something and then being hit with fees or extra expenses I'm not prepared for?

Talk to them first, but raise rent to market rent, background screen, credit check, and offer lease.