It's a half baked concoction that really only means you have a million dollars worth of commercial general liability insurance, have passed a background check and paid the application fee.

New York has a $20 dollar cap on the application fee but most if not all charge more than this just for the credit check and more if you want a criminal or eviction check.

I also like having 1 national business acct (Chase offers free business checking and free premium personal accounts to Veterans)  so  tenants and applicants can make deposits to it out of area. 

If they have a Realtor, and requested $500k when they filled out the online application, the Realtor just gets the $500k one from me, because I'm assuming $500k is what they and their Realtor have been discussing.

I’ve submitted one application with the lender we just used to close our primary residence in TN because we have a good relationship (he’s now with Guaranteed Rate) but I’ve read there’s benefit to making some local lender relationships since the future of my investment will probably be in MN.

For me as a neighbor to the north I’m seeing multiple applicants on every rental I own and my colleagues.

I said it was a TEXTBOOK advise.. meaning.. not very applicable in the grunt of things. 

If they show me proof of their approved application, I'll wait 3-6 months until a unit opens and they can move. if they don't provide evidence, I set a hard deadline of 90 days and just force them out. 

Challenge is, you with the new STR laws in Placer Co, there are no guarantees there will be a permit for you once you buy as they have a cap now and they are reviewing new applications starting this month, up til they reach the cap. 

Some of the big ones I've heard are things like having a great tenant portal for handling maintenance requests and rental applications, quick response times when dealing with tenant follow up, showing face at the property or at least routine drive by checks and a reliable maintenance team to handle property repair and upkeep.