I know if there is no agent involved then offerpad charges 4% to 5% in place of the commissions that the agents would normally split in a traditional transaction. 

We got the payment today and realized the property manager charged us 65*3 Units versus 10% of gross rent.

They now have another promotion of $1497 one time charge or 3 payments of $597. 

The housing agency is charging him pretty heavy cancellation fees unless he can find a replacement.

Last year, I had 2 months of vacancy (one in June and one in November after the June tenant broke their lease and I didn't charge a lease break fee), and I turned the unit twice. 

Each month I'm charged for water which is just a number provided on my monthly bill which is taped to my door.  

As soon as a life event happens with that tenant they tend to start trying to renegotiate the rent lower, move somewhere cheaper, go buy a house to own directly,etc.There are some areas where renters are outpacing supply so landlords can almost do whatever they want in charging rents ( if rent control is not in place) but those are few and far in between on a national scale.Just think of if you are top market rents and do your purchase projections based on that assumption what happens when the market shifts and rents go from 1,200 to 1,100?

It ask them the basics like you mentioned and things like salary, people on that would be living there, previous and current landlord, dogs/pet info etc.You don't have to login to get the application and take a look at it.I charge a $40 application fee before paying to run the check.

I understand hard money can close quickly but if I had the 25% I would just continue to use my portfolio lender who charges much lower rates. 

I'd either up the price on their purchase or charge a higher listing fee to cover the costs associated with the program.