I haven't kept up, just noticed, the heading asks if you have to accept an application, I think it was originally asked if the OP had to lease to someone on Sec 8.

They don't need an updated report until after you get an accepted offer (as long as your report isn't too old).Donna, the OP's question was regarding deals that require the potential buyer to pre-qualify with a "pet" lender, before submitting an offer.

This thread is struggling to answer the OP’s question, no direct answers, cited law(s) or referenced cases.I’ve called my states Commission’s and General Attorney’s office in search of such cases, only thing I have found so far is free legal advice at both I am pursuing.

The kind where the OP sucks you in with a great story, or a great deal they are working on and then, when it's time to hear the big finale.......they stop posting.I'm sorry you're going through this Jhansi, I once had a very bad tenant situation when I was very young and in way over my head.Any updates to share with us?

So, the OP didn't buy a 2nd lien and is not a lien holder with interest in title.

To the OP, you're on the right track.

Like OP said it probably is the stigma for a given area.But yea the boston area is tough, but sky's the limit for rent around here if your wallet is big enough.

Just wondering if the OP is an attorney, a registered mortgage counselor or a registered credit agency/counselor, because saying you can "help someone" who has been served can be a violation of federal law, especially since you don't have an existing relationship with them.Stay away from gurus folks!

If you tell him he can paint, he may try to get you to pay for it and him for his time.Look at the lease first.The OP and her husband are probably in their "due diligence" time period. 

Cap rate = NOI/market value (not purchase price + rehab)NOI includes vacancy (over extended periods) and all expenses (including management fees even if you self-manage).Cap rates are technically only applicable for 5+ unit properties because < 4 unit properties are valued on comparable sales rather than cap rate (but the metric is applicable to all property types regardless of what you call it).These are some of the reasons you are getting questions above.Regarding your OP, there is lots of one-size-fits-all dialogue among real estate investors and business people in general.