Without a mortgage application you don't have to worry about dti ratios and seasoning of funds.

What happened with the one applicant?

I have drop the rent $25 before and it Made all the difference and I got overrun with applicants.

If someone meets all of your requirements to rent your property but something about them doesn't feel right how do you respond to their application?

The final numbers have to be delivered to the borrower 7 days prior to funding, not 3-5.The Initial disclosures used now (good Faith Estimate and Till) are also being replaced by a combined document that is called a Loan Estimate Forms Set, and have to be delivered to the borrower in the same 72 hours from application being taken time frame. 

I watched a real estate investing infomercial at like 1 am and I actually purchased the set.

If the deal was that tight to begin with then do not purchase a property.It's better to buy nothing at all than to have a property breakeven with bad debt keeping you down.You have to watch PM's because sometimes they will take a lower PM management fee but then get a referral fee each time from the contractor performing the repair that is in their network.

I have read books, watched videos, and listened to a couple of podcasts.

So when you are looking at the comps, look at how long the days on market are and make sure to factor in the additional holding costs if applicable. 

Then I'd be glad to have him gone and focus on the next tenant...If he really damaged the place (and you know from my application he has some financial means), then you may want to have a landlord tenant lawyer or general practitioner look at the exact next steps for the eviction or civil lawsuit.