Here's what we do:1) Get full credit report to review for evictions and convictions, also major collection/chargeoff that could turn into garnishment and negatively affect their ability to pay rent2) Verification of Rent is most important!

I've spoken to many local very experienced and saavy agents/PMs who caution against it due to to the amount of headache involved with low income areas and the crime, dangers and risk that come along with it.

Your criteria should be set for all applicants.. what you require for verification from one should be for all.

The verification letters you get when raising are only valid for 90 days, which is fine for your offering. 

(That person will have to present documents for the mortgage verification.)

It sounds like the son has given enough to verify his income but, I would double check verification of employment by simply just calling his supervisor from his work and telling them that you are a local landlord verifying an application for your rental.

This includes a photo copy of the prospective tenants ID’s, Income Verification, Employment Verification, and rental history verification. 

So much great information here.Thanks for taking the time to help to educate us.Im interested in buying to rehab and sell and then take that money to continue to buy rehabs but after reading this it sounds like I would pay taxes from doing so.So to avoid paying taxes I would need to buy,rehab,rent,refi and repeat(The BRRRR method),now I understand why the BRRRR method is so important.How long does the property need to to have a renter in place before I can sell it with a 1031 exchange?

Having an impressive office is not going to further a wholesale business.Regarding quit claim deeds, It sounds like you have been listening to, to much guru gobbledygook.

I liked what our rep. told us too--exactly what we were looking for and trying to to achieve.