Box, but we still hold the tenant accountable if we don't receive the rent in a timely manner.

If you had a contract to overpay and receive cash after closing (outside of bank/lenders knowledge) you get into fraud concerns.Considering the sellers are friends, would they consider a land contract?

It can be as simple as "based on information contained in a consumer credit report" or "based on information received from previous rental history."

The money received from the auction will need to cover the legal fees for the auction, the original loan.

Thank you everyone excellent advice!

He's receiving a retirement check, disability, BAH (from his GI Bill) as well as him and his fiance both work full time.

I had a previously excellent tenant break their lease. 

I received an insurance quote that I was hoping to get some feedback on (first time shopping for rental property insurance).I figure there are unnecessary items on here increasing the price, but I could be wrong.

Here is what I had to do to open the account:1- Had tenant fill out a W9 and send me his birthdate.2- Gave the tenant a standard receipt when he gave me the security deposit (my name as recipient, amount of security deposit which can not be more than one month's rent, date received, address (aka description) of rental property)3- Once the security deposit was deposited, I took the W9, copy of the lease and the tenant's birthdate into TD Bank along with my ID.

On top of that, one of the references that I received backed up his story saying that the repairs would be 15k to 20k more.