This is some form of net lease where the tenant pays for their pro-rate share of op-ex, taxes and insurance...However, there's a lot of information missing here.

As I've matured and watched my business evolve to the market, his points make more and more sense.I hate to throw shade but Bigger Pockets is an offender of this too, telling people they should pay for the PRO membership as OP has is questionable, sure its cheaper than a $30k fortune builders mentorship but its just as unnecessary. 

Co-ops were a way to legalize it, but they will be limiting the number of co-op applications accepted each year. 

Monthly Mortgage payment $0.00 Last Years Taxes $ 490.42 $ 5,885.00 Sewer and Water $ 150.00 $ 1,800.00 Trash $ 50.00 $ 600.00 Heat/Utilities $ 250.00 $ 3,000.00 HOA/Legal $ - $ - Cap Ex and Ops $ 250.00 $ 3,000.00 Insurance $ 100.00 $ 1,200.00 Mgmt Fee $ 240.00 10% Vacancy $ 194.40 8% Total Expenses $1,724.82 Unit 1 $ 1,200.00 Unit 7 Unit 2 $ 1,200.00 Unit 8 Unit 3 $ - Unit 9 Unit 4 $ - Unit 10 Unit 5 $ - Unit 11 Unit 6 $ - Unit 12 Total Revenue $ 2,400.00 Yearly Cashflow/month $ 675.18 Cashflow/year $ 8,102.20 Cash on Cash Return 3.18%

OP seems long gone...

Typically we set our coin ops slightly below the area laundromats to entice our tenants to do laundry at the property.

just wanted to make the point that OP should stay local / in person / hands on.

Certainly not like it was when 30 year rates were under 4.5% last year, but still cruising.Currently looking for a house-hacking buyer in 'A' markets (Lee's Summit, Blue Springs, Liberty, OP, NKC) and anything worth a damn gets snatched up pretty quick (<7 days) (financially speaking, these duplexes have not been great with cash flow <200, COC return <7%, and CAP rates <7%)I listed and sold a banged up triplex in in a 'C-D' neighborhood for its appraisal price of $365 last month.

If I may add to the OP's question on whether to collect SS#....Once I have a good possible applicant, and have met them personally and everything looks good to move forward, I have them do the application on TransUnion SmartMove.  

OP: Send me this lender's phone number after you close your first 100% loan, please.