Once you start processing the credit/criminal, the money is spent, and you can't get it back.

WE dont pay a fee for the credit line as I mentioned just 1/2 point for each new loan..

It may be too late.yup stop payment.. also for future reference if you cant pay cash for these kind of educational events don't do it.how are you going to do business if you have to charge this to even get started.. this is the very thing that really bugs me about the real estate education sector in the US>. talking people to go into credit card debt when they know full well only 10% or less of folks that try this or any kind of wholesaling / flipping/ notes / lending etc will do anything .. and especially if you have no capital.

After communicating with a prospective resident (Google Voice #, usually by text), with just a name, telephone number and email, the applicant can pay $55 to provide us with a background, eviction and credit check.

They always make sure to have line(s) of credit to get them through challenging periods.

Also, since you are new to finding tenants and renting, should you get someone who damages your unit, probably not a big deal since you haven't renovated it yet.  

I racked up debt, at times putting expenses like property taxes on a line of credit.

You'll have tenants that don't pay, damages made, and potentially other disasterous situations occur on your properties. 

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Bank Credit Line How did you add value to the deal?