Also, is it the first person who submits an application and passes the background/credit check who I move forward with as the tenant to fill the unit?

Your final considerations are Credit Cards or a HELOC but do their benefits carefully and pay them off in time. 

Examples: A guy with hotels who used business /personal credit cards for free flights, a guy doing private investing/hard money lending, and last month was a guy who told the story of a 12+ property deal spanning 2 states and 1 primary residence of the seller.  

(Avoid big banks, try local banks, credit unions, or mortgage brokers.) 

I've been using Local Banks and credit unions (Portfolio lenders). 

I'm going thru the credentialing process and they're currently asking me what Fair Credit reporting act (FCRA) system I will be using for decision making.

Jay Hinrichs points out in podcast 222 that one should pay off their properties sooner than later, in case something unforeseen/bad happens, you have multiple (good) exit strategies.You can still leverage your properties - you can get a HELOC (actually there is no such thing for investment properties, it's called portfolio line of credit or asset based LOC) and you'll be able to use it in case the need appears, without paying interest all the time.Let me know the conclusion you reach.

If you have a high end rental, you'll have more deposit and tenants will be concerned about having bad credit and won't likely just take off and leave you hanging with repainting. 

You should set up an ideal situation with one like a line of credit with them and then once you have a purchase, go to someone else and refi it. 

Long story short,  here is the deal:-He will give me essentially an interest free line of credit.