But each time you send in an application for approval, the lender should run credit, which will take a minor hit, each time it has been checked. 

I've been slow catching up on the pod casts, I have already watched all the youtube vids, is there a reason you don't video tape the pod casts and post them to youtube?

The system only works if you know the approximate value of N (the number of applicants).

Make sure you get at least 3 applications BEFORE making a decision. 

I always tell applicants to call to confirm the appointment 30 minutes before meeting, otherwise I do not show up.  

I get an application. 

Most windows can be replaced in about 5 minutes and all you really need is a screw gun and a tape measure!

If these occupants wish to apply and to be added to the lease they may contact me to submit an application.

The class just gave an interesting application for 1031 that I was not aware of.Take an investment property and exchange it for another investment property that you would like to live in.

Step back a bit and figure out if you want a turnover there right now, if they have paid timely and no complaints during their lease term (last owner should have given you the deposit, applications, any leases they signed for him, rental history of late payments, etc.).