They are limiting the comp area to west of Quebec and north of I-70 and just to get 4 they have to go back a year.

I hold my apartment buildings in LLCs, so my risk is limited.

I actually think certain types can be decent investments IF you do the homework and read the docs and know what you're buying into.I personally avoid high rises (too much cap ex and high maintenance costs mean poor return), poorly maintained buildings with lots of deferred maintenance, avoid non-warrantable buildings or complexes (hard to finance), I prefer townhouses or 4plex style condos with only one common wall and nobody above or below, that limits neighbor and tenant drama. 

We've been working on bylaws, registered as a non-profit, set up a bank account, drafted application forms, discussed membership fees, and a whole bunch of other stuff.

Since they meet our prescreen minimums our next step would be a phone call then set up a walk through then the application.

I have noticed over the last 2 years or so that there's more applications from people that work from home or have other non-traditional jobs, and I live in a pretty traditional area so it's not like a coast vs. flyover thing.

I get loans fast and without the hassle of traditional bank applications and processes. 

@Bruce Harding,The $50K limit applies to participant loan you personally can take from your 401k.

I had an applicant whose landlord verification came back showing that she had an infestation of bedbugs and roaches.

That is a violation of Fair Credit Reporting Act.The subject (tenant applicant) can pull their own report, often for free, definitely for free if credit was a determining cause of their denial.