So how does it work do i have to submit an application and wait for a reply or do they provide me the info on the spot?

The website set up cost me $1000 and nothing else.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.

There are a number of qualifications we look for in an applicant such as: Leadership or Managerial ExperienceHospitality/Food/Retail ExperienceInvolvement in the local communityCustomer Service ExperienceFinancial StabilityPassion for the brandProven track record of successBusiness SavvyTwo Partners**Please note Tim Hortons franchises only to individuals who will be hands-on operators, not to corporations or passive investors.

I guess the 2% rule would be applicable here.  

We have numerous applicants, none of which are knights in shinning armor.

In addition to the expenses you mentioned, (mortgage, vacancy, repairs) consider:Property taxesRental income tax (if applicable in your area)Utility bills (unless tenant pays)Property management (unless you'll do it yourself)HOA fees Advertising (when vacant)Best of luck to you!

It might also have an application for a  land trust format that might be useful.What ever you do, run it by a lawyer.

Also verify that the address on the credit report line up with the address on their application.

This is the lowest level of mortgage applications since 2000, or 14 years ago. 

I can think of two scenerios that could be problematic.You started a thread asking advice on strategy on a potential deal and you mentioned your bottom line and tour buyer/seller or their agent happened to see your post.You post about a situation about a tenant, or an applicant, and in reading your post they know you are not going to renew their lease or you might be evicting them, hence escalating the problem.