If you are renting to college students, I would suggest having a parent sign as guarantor for payment and make sure you run their credit report as well.

It's a tax deduction pure and simple, not a tax credit.

Higher income or credit requirements?

I have looked into possibly paying for a mentorship course to help me through this process.

Applicant receives partial S8 support and applicant's credit report shows recent late debts, judgments, bankruptcies, etc regardless of the credit score. 

I see with this with a lot of local banks or credit unions.The Banker should have walked you through the basics on County loan limts versus Jumbo &  High balance.

Of course being a flip means I owe more than $300k in taxes so that bites.

Millions of homeowners would then be underwater on their mortgage - owing more than it is worth - and would likely foreclose / declare bankruptcy, creating a credit crisis, unemployment would spike to 10%+ and on and on… No, no the price of homes, and really everything we pay for, is here to stay.

My questions is since it is a business can it be reported to the credit bureaus to shop my ability to pay the loan on time?

Of course phone number on my bio