Homepath has renovation mortgages, which requires much more red tape and leg work on my part (I suppose the same with 203K loans), but...I'm trying to look at REI from a more corporate, long term stand point. 

I had an open house yesterday and had approx. 15 applicants view the property.

Kimberly Land If you ask for the tenant's application that's on file and its not provided to you by the current owner I would supply my own application(s) and insist that each applicant age 18 and over complete it for you.  

As such, I would always recommend employing a strict application and screening process when considering tenants.  

Georgia is always fun: "This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license or registration to engage in a mortgage business as a lender pursuant to the Georgia Residential Mortgage Act.

Lower rates often have higher application and origination fees - plus prepaid points. 

Like @Joe Fairless I use rentlinx, and I also use postlets.comI get a lot of referrals from existing tenants also.I'm pretty specific in the ads about application fees, deposits and background checks.

If not just get a renovation plan together with your construction team and go to the Building Dept. in the town the house is in and tell the building/code official of your desire to renovate the home to a safe and livable condition and obtain the building permit applications to start the project once you close.Fannie Mae for me has allowed 7 day inspections although they have never renegotiated a price.

What pops out of my mouth as we're walking away with a tenant application is . . . do you think the owner's open to a seller finance sale?

As I started using the software I started reading how we could have tenants fill out applications online, and all we had was hit the convert button and we didn't have to go through the hole process of putting all the information about their families in as well.