Then, you will be looking to get new tenants but maybe all applicants are having trouble keeping good jobs so you are forced to drop your asking rent to get it rented to a good applicant who makes enough money.  

The other reasons a License is beneficial is the obvious access to the MLS and maybe a quicker ability to gain other confidence when starting to network.I am in the Bay Area of CA.Are my assumptions of the benefits of a REA License for an investor even applicable?

Glad to have you on here.Advice for this site...1) Set up keywords for your area and interests so that you're notified when they're used and then start interacting.2) Read through  The Ultimate Beginner's Guide3) Go through applicable blogs and podcasts as there are a lot of great resourcesAdvice for REI...1) Study up on what you need to know/do for the 1st step and then do it, then repeat for all following steps until you have completed your first investment then repeat the process and keep learning.

Hi Nelson, with Section 8 it will take a bit longer than 30 as an inspection is needed and landlord application before they will approve the unit for rental. 

Do you consider rental income when qualifying an applicant?

Is the seller selling to just anybody or do you have to complete a buyer application, do you have to provide proof of funds, etc?

Then beyond that, I wasn't sure if verbal disclosure would suffice or if I should have something in writing and have the tenants/applicants sign stating they understand that.  

Uniform Residential Loan Application:

In California, he lied on his application or rental agreement is enough.

I have had multiple applicants tell me that they have no debt but when we run their credit report, they have multiple (some up to 15 accounts) actively in collections.