Anyone can watch, and audience participation is encouraged.

Some want you to have $15-25k (depending on the deal) in the bank before they will fund you, others will charge you an astoundingly high application/origination fee to get the process started, others only fund LLCs, while others want a portion of your profits.

The previous owners were very kind and gave us copies of leases, applications and a bunch of other paperwork.  

Unless you plan on watching them like a hawk, if they want one, they are going to smoke (inside or out).

https://www.youtube.com/watch?

Conduct lease audit and make sure all documents are there (application, lease, proof of income, proof of payments for security deposit etc.) 

Interesting, yes, this would be a good introduction for declining the application unless of course 20% down were to occur.

I run the ads, collect the applications and then  they choose who they rent too.  

@Pedro Leal Hopefully you documented well all of the furnishings you provided and are watching to make sure she does not take them with her when she eventually does leave.

The rules that you cited seem to corroborate my thoughts: "(A) A non-lawyer shall not furnish to another for compensation, direct or indirect, advice or service under circumstances which require his use of legal knowledge or skill in the application of any law, federal, state or local, dealing with taxes, except:(2) A certified public accountant or a person duly enrolled may practice before the Internal Revenue Service, as those terms are defined by the then applicable federal regulations and the extent permitted therein.(4) A non-lawyer may render such advice or service incident to an engagement to provide products or services which he is otherwise authorized to provide, where such advice or service arises out of the providing of such other products or services and was not the principal purpose of the engagement."