Hello all, I have a prospective tenant for a rent by room strategy, we're in initial stages (he hasn't officially filled out the application to verify his credit score) and he is letting me know he filed bankruptcy in 2020, but his credit score should be above 620. 

Well, several months ago I joined a brokerage and naturally I want to comply with their ways of operating and generating business.

You won’t be able to borrow against a home in that price range.

I've heard of people just putting their friends or family down as rental references and such, and forging pay stubs, but always hoped I would never encounter this. 

Nobody is forcing people to buy them.

It's a small town (I think 30,000 people) that's likely going to be difficult to find reliable PM's, tradespeople, etc. 

Using a service to report rent debts to Credit Bureaus can be very effective at recovering those debts because it can impact their credit report and score for years to come, typically 6-7 years depending on location. 

Each state is different but Illinois creates a problem that has to be addressed. 

For example, looking at a property with "3" bedrooms but a giant loft area that could be converted to a 4th bedroom, and a full downstairs private area with a full bath that could have a convertible bed, allowing the property to sleep 10 minimum before adding any bunk or twin beds.

Interested in where this would be a financially viable business model to pursue if not here and what the margins would look like