State Farm is also it's own animal and can have some strange underwriting guidelines.

It sets the guide line for investing. 

Asset managers are given guidelines of what to accept by HUD, after a certain amount of time they an ask for special approval of low offers. 

I am trying to build my own mailing list of commercial property sellers and give guidelines to my VA.

The second is that the Cap Rate you are targeting is 7.14%  When using guidelines it's sometimes good to know the assumptions built in.Bottom Line, these are all tools for analysis, but do no good if you don't know what you are looking for.

You can modify your criteria after you fill the unit but not before.Prepare some written guidelines for move-outs and move-ins procedures.

Also be advised that if you sell to an owner occupant, the loan is governed by Dodd Frank and the Consumer Finance Protection Bureau guidelines now in place. 

While they still have to follow certain federal guidelines they also have flexibility to come up with their own guidelines in other areas.

You really need to get with a bank or CU about a portfolio loan and see what their guidelines are, then devise the SF loan to meet those requirements by the time your balloon is due, and start refinancing about 6 months before the loan is due, that won't be an easy loan to do being a conversion......generally they are tuff without good comps.

I never take anyone for face value (ok I did have my mother in one of my rentals at one time, and I didn't run a background check on her)Run a background/credit check on both applicants, look at the results and choose based on that.I have set guidelines, and having a eviction is an automatic no, however a short sale or foreclosure would not be.