What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

If the tenancy is at-will, you can deliver written notice of the rent increase by giving the number of days' notice required by F.S. 83.57. 

They are as in-expensive as any competing importer and nobody matches their specs in the price range.The plywood is good hard plywood not the typical soft import plywood.Their products meet the California Air Resources Board Phase 2 requirements for formaldehyde emossions which is a huge issue with import plywood.Their finish is a UV cured, water based Benjamin Moore stain just like the American product.  

Today though, we are in a high priced environment with expensive money.  

Do not call it a down payment if you are using it to do an option.Since he is subject to the requirements of the lease, you are required to fulfill all local requirements of a landlord.

@Simone Montague-Jackson agree with @Charles Carillo and @Jordan Moorhead, that they aren't what the marketing hype claims.Insurance companies are in business to make money, which requires them to have a hard stance on claims and incentivizes them to deny as many claims as possible.In our opinion and 24 years of observations, it worse with warranty insurance products!

Most hard money works like this Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

A lot of people don't account for all of their expenses and think something will cash flow that actually doesn't.

Initially I was planning to establish an LLC for liability protection, but after several consultations with different law firms, entity structures seem more complicated and much more expensive than what I need just starting out and with and no real wealth to protect. 

so little update, we're working with my broker/underwriter to find out if having the current tenant sign a new lease with my wife's name added to it would satisfy the requirement, (our side only requires a signed lease because it's a "new rental" so perhaps the other side would be "new" to my wife.