In general, they should have already asked for POF for their required downpayment. 

If you house hack a MF, you are in a position (assuming you can qualify for conventional loan) to buy with VERY low downpayment because of the new lending requirements.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Long-term rent by the room is good in a college area, but will have more wear and tear and maintenance requests if all college students.

What requirements do banks look for?

However, this would require you to illegally possess the home for 21 years, then try to lay claim to it.Your best option is to speak with an attorney to see if there are any other options.

The first application you screen that meets your minimum requirements should be offered the lease.

I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this.

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

I still plan on paying the monthly HOA required payment but I am not intending to pay thousands I had no decision-making power on.