We are currently, working with lenders for a pre approval letter to start shopping.

Unless it is zoned for commercial and the development plans have been approved, I feel the long time it takes to develop ties up your savings. 

You get to approve anyone before they move in.

There are plenty of programs out there with out income documentation.

Hi BP I just read that Congress just approved a bill to "dismantle" dodd-frank.

This house was under contract with another investor who pulled out.Carpet #729 (Fortune Cookie)Vinyl #AC432 (Sandy Brown)Tops #7734-58 (Jamocha Granite)The house comes with a 10 year warranty and all future repairs must be done through the company or the warranty is void.COST - $150,990 ($95.00 deposit holds the home with approved lender and attorney) ESTIMATED VALUE - $153,000RENT - $1,325CASH FLOW - $364I got financing for a 30 Year Fixed loan for 5.25% at 25% down Now waiting until July before I can do anything else.

And, don't forget, ultimately it's you who makes the decision on which tenant to approve or not approve.

Once a tenant is approved, when is it appropriate to verify that they have purchased renters insurance.....at the lease signing or prior? 

A city inspector did an inspection of the unit in 2015 and sent me a letter stating the rental property is in compliance with the City Residential Rental Inspection Program.

@Damian Sandoval Fast close option can be achieved by getting HSA approval.