Personally I have my applicants fill out an application and pre-screen them before narrowing down to a short list before only running an actual background check on the first and possibly the second runner up in line for the unit.

What are the effective methods to distribute such an offering and actually to obtain an equity.I will highly appreciate any input especially from members who are experienced with foreign Syndication or Crowed Funding.

It doesnt have to be "up dated " to be rented . 

Again if you can get a deal done on a home for $1, sure then it can make sense but overall for most PML's that I have experience with and that are actually in the game of lending money and not seizing property -- it is not something that is very attractive to them.

Having an open-ended interview process with no set criteria sounds like an easy way for an attorney to argue for discrimination, whether or not any actually occurred. 

An "area" does not qualify the actual address has to be in the map.

This can tell me a lotabout the age of the plumbing, roof, HVAC, etc before actually walking it.

I find it more useful where I need up to date leases and online rent collection capability.

@Marysue Connelly just let her a notice of lease expiring, and that you won't be renewing, make sure she is aware she has to be moved out following all your move out processes by X date.

Keep up-to-date on industry best practices and real estate investing tactics.Good luck!