@Lynn M.I will agree that a tenant with good credit is better and playing the waiting game is a better strategy for many property owners, especially for properties in high demand.For those who own property in less desirable areas where the applicant pool is smaller or in situations where paying the mortgage without collecting rent would put the owner in a bad financial position, I think simply checking for judgments and criminal records is good enough.Of course I'm willing to accept a higher degree of risk than most property owners because my costs are lower due to the fact that I process my own evictions and many times do the clean-outs/repairs myself.I've learned that it is good idea to at least check for non-existence of rental judgments because that is a sign that either they will leave the property when asked or that they've never rented a property before in their own name because they are young.

BONUS 3rd thing!

(Here goes R playing his money card)V: "My goal for my first year is to earn as much as what I currently earn at this job"R: "Which is about to increase because you're getting a pay increase plus if everything goes right, you'll be getting a mid-year promotion and another huge increase *took out his calculator*, so by the end of this year, you could be making close to $100,000."

Although I would clarify that by saying you can only take out half of your VESTED balance, meaning if your husband is not fully vested (usually a 5 year employment period) and your husbands company has made contributions (matching/bonuses) then you will only be able to take 50% of your VESTED balance out up to $50,000.  

I have a buyer's list Rick however most of them unfortunately just don't play in this league (price range).

I found one that plays the Cash Flow game by Rich Dad Poor Dad once a month, but that's not what I'm looking for. 

You can put 3.5% down, live in one unit, and start pocketing the cash from closing if you play the deal carefully.  

It's now an 8.5 Cap on my total purchase price and the value has increased from $10.6M to just under $15M. 1) If you are confident that you are in the path of future infill development and can see a 3% spread over your 1st mortgage rate, then it sounds like a no brainer. 2) If you are confident that you can fill the suites at market rents then vacant suites are actually a bonus, IMHO.

What is the correct play if I'm bidding?

But, being the newbie I am, I am questioning how to know if a bank will approve a refinance.The property does not (on the surface, no inspection yet) need any serious rehab, mostly fresh paint and carpet here and there.The property is almost fully rented and would generate positive cash flow from day one.What other factors might play a part in whether I'm approved for refinancing?