What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Lack of financial acumenI wonder what percentage get into real estate with little to no money and spent most of it on a guru course - it’s no different then people who want to be a day trader or crypto miner or Amazon business.

The leasing broker has to work a crap ton for their fee to get them to your site over others.If you decide all you can get is a higher risk small to no credit tenant then you may want to only start paying the fee once open and first months rent received on time and have a clause if the tenant goes bankrupt or closes the fee is no longer owed to leasing broker.

The problem is that there are so many factors that impact the rate...credit score of the guarantors, Loan-to-Value, property type, citizenship status, etc...the list goes on.

It's a really unique vibe that I don't get from any 'similar' groups.They do have some great online courses, but a few times a year, they also host 3-day retreats in different cities for 17-20 strangers, who seriously do leave with lifelong friends at the end. 

The lakefront nearby is really nice of course.

Can we ride on our credit for some of the ownership or would we need to put in $$ for the financing, too?

Of course, this requires mutual trust and written agreements, but any joint business does.The only situation where a true partnership and an LLC is unavoidable is if you also split costs, not just the fees.

Unless of course it's not working, then it will force a quicker rehab. 

I personally like the all cash plays. sleep well concept. but mathematically leverage of course creates higher returns if EVERYTHING runs right.