I didn't have a model apartment to show it was the unit they were going to rent that was shown to new applicants.

It shouldn't take more than 30 days, really depends on how quickly they process the application and the title work to be received. 

I can refer you to my investing group's financial experts (accounting firm / law practice), if you like.Where the issue may be getting confused is that the interest on financing is an operating expense for income property, but the principal portion is booked under debt service, as I understand it.

Rentometer is a free service for users that need a few reports and you have exceeded that limit.

Even if all expenses and debt service cost 60%, you'd still have a 10% Cash on Cash return.

It then provides an online rental application, ability to collect payment, and run credit & background checks. 

Calculate your NOI and then take out capital expenses and debt service fee to calculate your cash on cash return.

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If you do this, the bank will be looking at the asset, whether it is performing, cash reserves, cash flow, equity, debt servicing, etc.