A perfect example local property manager contacted me after the online company she was using did not verify the accuracy of the criminal background check and reported her applicant as a registered sex offender.

Results are nearly instantaneous (although, if something comes up on their background/criminal reports, the details can take another 15-30 minutes to arrive).  

an interesting idea that popped into my head has me wondering whether it is creative genius or technically criminal. so i am asking this community  (would be great if a real estate attorney could chime in) if anyone knows whether the law somehow would be against this, or if it is allowable.the idea: A) my LLC (of which i am the manager) gets a land contract on a house for less than $100 earnest money ($200/mo until $10k is paid)B) since the property has an ARV of $40k, i personally get an FHA loan to buy it from the LLCC) LLC pays off original owner and has $30k left to invest in new dealsD) i make my payments to FHA lenderE) eventually LLC makes enough to pay me high enough salary to then pay off mortgageparts 2-10 of the question: if i have little to no cash to spend (might need 10% down for FHA loan [$4k]) can my LLC give me credit for the $4k (maybe for prior rents paid, or sweat equity repairs) and that count as my down payment within FHA standards?

I intend to do credit report, criminal records check, employment history, eviction records, bankruptcies and past address history. 

The whole income source as protected class is the only thing offensive to me.

(I'm not joking either.))But it doesn't matter which route you take, they both had the same thing in common, they made money, and they always made sound business decisions.Success wasn't about feeling good about yourself, it wasn't about reading the Bible (no offense, I say that as a pastors son), it was about making good decisions all the time.Something I hear constantly from the $15ph people "I work hard".

You can go directly to wholesalers and homeowners to purchase almost criminally inexpensive fixer uppers (of various levels of quality ranging from the near tear-down to the nearly rentable, just desperately in need of paint and a couple repairs). 

IE criminal and credit checks....Credit is a credit check on the person.. to not do this I think is a mistake... people talk great game then you find out they have a pattern of not paying bills ... stiffing ex wife and child support etc.you make the call on credit what's important to you.that's basically it and of course buy title insurance with lender endorsement ALT A policy.Keep tabs on hazard insurance ( even will insure them myself and just charge them at payoff) and of course if your going over a year check on property tax's.If your doing rehab loans.. consider a hired inspector for 100 bucks an inspection and charge borrower.NO second or junior position lending ever .. just not worth the brain drain.. 

Or, as the criminal famously said to the judge just after he got the big sentence ....

You also have the banks with very deep pockets to be able to bribe politicians into passing legislation on other agencies while protecting the actual criminals.