On the first side we punch and keep documents, most recent on top, from tenant screening, to application, to background checks, to move-in, and any tenant correspondence from that point onward.

I interpret this to mean that you can sell it for personal gain, but that you can use it.You may want to figure out who will do your screening.  

The next thing if would do on it would be to screen the current tenant and to see if they fill out their application completely and then I would check everything out on them.  

I think you can mitigate lots of the college student horror stories with proper screening, and you can cosign the parents in as well for added security.

I'm not normally going to do cash for keys in my rentals, because I have screened the tenants to the extent where their defaulting is unlikely; but they have a history of demonstrating "good character" so if they defaulted I'm confident  they would do the right thing and move.But removing occupants who are former owners after sheriff sale, now that is a different story.

Some frequent posters on BP openly advertise this (under a fake screen name like cowards).I would be thankful you are NOT renting from this landlord.

My tenants are contractors working at a refinery in my town.They have to pass a drug screen before they can enter the gate to work. 

Hi Tanya and @Chuck Greenfeld, I'm in Canada and when I screen my tenants I ask them for a recent Equifax report and 3 latest pay stubs OR 3 months of banking statements.

Screening tenants for turnovers at our other properties.

But really, if your PM is screening your tenants properly it doesn't make a difference any way.I have, however, fired two property managers for those properties over the years so make sure you do your due diligence on that one as well.