I feel bad for the inspector I'm hiring as this report will be vast. 

@Tony PellettieriYou can still guarantee the loan.I would rather have a guarantee from someone with 500 credit and 3 assets owned than someone with 800 credit and no assets.

Settling on a tenant with a negative credit score, positive eviction history and zero bank blance just because you are scared to have a unit sit empty for a few days is a mistake (that I've made). 

- Will this loan require credit pulls and banks or can this be done with a simple contract and an estate attorney? 

Think of it from the PM's perspective: if you were them, would you deal with the significant headaches of a C or D area (non-paying tenants, trashed properties, crime, police calls, etc.) for a 10% cut of a single property (probably just a few hundred bucks a month) ...I wouldn't.To make matters worse, the property isn't appreciating (because it's in a low appreciation market, or even a depreciating market), and the tenant pool is primarily made up of people with bad credit, low/no income, and a history of property damage at the previous places they've rented.

I feel bad taking money from the guest who cancelled when those nights have been booked and covered by other guests. 

Even if uncomfortable, it's necessary to protect your interests and is fair to ask for copies of credit reports, conduct judgment searches and ask for references. 

DSCR loans are the wave :) 30-year fixed, not on credit, and yes, lend to an LLC.

If it's a unique property or your credit score is low, you may be capped at 75% LTV.

For screening, you'll want to check things like credit history and rental history.