I know the DF act was put into law to protect the consumer when they take out a mortgage but in the pass, it is the lenders fault for letting the consumer get a loan by not going over the credit application.

@Brian L the applicants you speak of arent that bad.

All of the responses are based on previous value mentions thus, may not be applicable other than Bills point that lining up 30 year financing upfront as opposed to refi another loan later.What is the current market value and what is the current market rent in the vent this becomes a buy and hold or wholesale to a buy and holder?

There is an ongoing thread about day care at a rental:https://www.biggerpockets.com/forums/52/topics/109391-advice-needed-residential-tenant-w-a-daycare-insurance-headache-helpI didn't want to hijack it but I thought a more generalized discussion would be helpful to me and a few others.I also made it a point to tell applicants I do not wish to conduct business at my propertyHowever there are some gray areas, and I basically made my rules looking at the nuisance factors...not so much liabilities, and now looking at that thread, I may have to rethink this.You see, I would not have allowed the day care simply because a half dozen moms picking up and dropping off at the same time would cause a parking jam and inconvenience.On the other hand, I have told tenants who occasionally allow "friends" to drop off a kid for them to babysit its ok.

However, you will NOT get detailed credit information on the applicant.

4) The document template formatting in the editor appears differently when the document is actually generated (making for a very ugly document...or a major pain to modify and regenerated a million times to see the actual formatting results)5) Listings on their syndicated sites are on a 48 hour time lag from when you list/de-list from their application.

That may not be present in more niche applications trying to gain market share.

@Karen Margrave thx for the reply, I have had numerous credit card offers in the mail, just like im sure everyone else has I know real estate has a lot to do with leverage and having mortgage debts, when it comes to personal finance I just always believed if you cant pay cash you cant afford it, I guess I just need to change my philosphy in life, and get a credit card, I just never believed in the ripoff adjusting extremely high interest rates most americans get in trouble with.

The loan interest rate as Jon has computed is under the Applicable Federal Rate issued by the IRS, which for long term loans is around 3.25% (+/-).

;-)Use a written application and be patient about finding a qualified tenant.