Being honest is a sign of having changed.

Hi Patrick, A few things to think about:You'll need to find a property management company who will manage any deal that you buyYou'll need to meet the net worth and liquidity requirements to qualify for a loan You'll likely need someone with experience to also sign on the loanTypical structure between the LP and GP is a preferred return  and a 50/50 to 70/30 profit splitYou can have up to 35 non-accredited, sophisticated investors with a 506(b) offering, as long as you have a pre-existing relationshipAlso, do you have previous real estate experience?

What if I approve their application and they fail to sign the lease?

Sign up and become a regular.

There may be some ongoing cash flow but I'd model in a whole bunch of conservative estimates: i.e. higher vacancy, rehabbing, much higher than normal capex/maint, etc. and then ask yourself if it's the type of investment that you'd want to sign up for (C- or D class I'm guessing... in terms of ongoing headaches).  

It's the old-fayshioned sign up from that's king.

Unfortunately (or fortunately) the days of banks mailing out credit cards to everybody with a pulse and all you needed to do was sign on the line are over.

Offers can be written and signed electronically, you can tour the property with a video call on a smartphone, etc. 

This tenant remembered paying double deposit, but looking at the rent roll and signed lease they only paid one month rent for security deposit.

Or it could be a sign that you are going to do very well on this deal, assuming that none of your other projections prove-out in the wrong direction.