IMO you should explain why their application is rejected, especially if you plan on keeping the non-refundable application fee.

“Pick your best friend or your mom and give them a 1% non-voting, non-saleable interest, not entitle to distributions interest.”b.

You won't like what you see.It's is a very rare to non-existent HML that will loan 100% without a prior relationship and extensive dealings with them.

The rental application fee is non refundable.

In Colorado...can an LLC have a non-owner managing member?

Imagine if 20-30% of the buying transactions disappeared, and that's a good picture of what life would be like in a stricter system in those countries that you mentioned.These subsidized loans happens largely because US social policy is mostly non-existent towards public housing or rent subsidies when compared to those other home-owning countries.

My principal residence in Hawaii tripled in price when I sold, and I came back to the Bay Area in 1990 and worked for a couple of non profits while investing in multi family in 1994. 

I know for a fact from the last Call Report on a bank I have located, that they have $109,000,000 in non-accruals.  

I was surprised to see the usual  inspection clause encumbered with the language that says the buyer needs to pay a non-refundable "option" for the right to cancel the contract if his inspection turns up problems he doesn't like. 

Tenants complained Blackstone was non responsive. makes you wonder how they run their units