You have them fill it out, take an iPhone picture of their Driver's license (for ID, front and back) then have the Tenant Check company run them.Sometimes just this procedure alone is a Screen Technique;-)

The main point is to find a rate and terms that are win-win for both parties, and making sure that making the payments is top priority.Here's some additional information from our procedure manual, where I like to document research and learnings:Family LoanWithout a formal loan document (source: Nolo's Promissory Note for Personal Loan (Installment Payments With Interest), the IRS could argue that there was no loan at all - that the money you gave was really a gift.If you want to secure the loan with real estate, you need a mortgage or deed of trust.

It takes a significant number of units under management to generate a decent primary income.Check out NARPM and their educational offerings.Write a policy and procedures manual for your company.As @Curt Davis said, set limits at to what you will manage.

If you can't show that you can pay the loan back, making the loan based on collateral is a waste of time and potential risk since there are procedural errors that can cause collateral tied to a bad loan to improperly get released.  

What I did with his course was outlined the course then created S.O.P.s (Standard Operating Procedure) each SOP is a way or form/checklist to reference.

We just dont write many builders risk policies because it is not a fit for a buy and flip or a renovation property to rent because of the reporting procedures during construction and the extensive underwriting to get the policy started.

Is this the typical procedure for a seller accepting offers on a property?

Every state has a different procedure and that can vary some from county to county.

In Virginia, it was standard procedure to try to get you to sign a buyer agent agreement, but not required.

You might also want to look into modular houses, they skip the local permit procedures.