I would never rent to the first applicant because they qualify since there may be many more applicants who are more-qualified.Other than the necessity for an applicant to have a history of having adequate cash on-hand to cover their rent and other expenses, some of the most-important factors I consider are the things that tell me whether or not the applicant will keep the place clean, be free of mentally aggravating issues, etc..Here is an example.

I get that it is a necessity to compete in the Seattle market, and the trend seems to be growing in the Tacoma market also, but man... it doesn't mean it is wise.

I personally downloaded a standard lease that was designed for my state and then I went through countless webpages outlining the "necessities" for a lease.

Multifamily rents fell in both the Lifestyle (-0.2%) and Renter-by-Necessity (-0.1%) segments.Of the top 30 metro areas surveyed by Yardi Matrix, only six experienced growth in multifamily rent prices: Columbus, New York City, Atlanta, Minneapolis + St.

Purchase price: $110,000 Cash invested: $30,000 4 unit c class apt- under market rents Crime report was clean Bus stop in local proximityLocal shopping and other necessities close as well Professionally managedProperty Details: 1/1- 500sq feet eachNo AC or window units currently in any units One vacant Base board heatSepertely meteredTenant pay water/ electricReplacement windowsCurrent tenants keep their units nice, they have just been underserved by the previous owners and their units needs some repair Professionally managed with current leases and deposits in placeWith it being a quad all tenants have a trash can ( no expense for a dumpster) REPAIRS NEEDED: 2 subfloor repairs needed in 2 units, flat roof needs minimal repair, 3 waters heaters need replaced, about $1,000 allocated for any plumbing repair, bracing underneath as needed or where any joist are weak.

The homes are safe and clean, but have antique railings (wide gaps), some knob and tube wiring, and asbestos based building materials.I am in the midst of writing my lease agreement and would like people's opinion on the benefits or necessity of adding the following disclosure statement to the Indemnity Section:"HISTORIC HOME DISCLOSURE - The Owners disclose that the Property was built before modern building codes existed with building practices and materials that were common at the time.

It's just one necessity for most deals.

Of course, you'll need a Separate Series Operating Agreement and an Agreement to Terminate Series for each such operating agreement.The master operating agreement for Housing for Humanity, LLC (of which I'm essentially its manager via my management entity) is more than 50 pages, out of necessity.  

Perhaps you may want to consider some potential JV opportunities that would eliminate the necessity for you to have to deal with anything outside of funding and collecting your profit after closing.....

Sure, out of necessity you may elect using something automated but I see what successful real estate investors do- they actually answer the incoming calls.I also feel that this is something a new investor really needs to get a handle on so they know what works and what does not for their market.