Personally, I've tried to sell on contract in lower-end type communities which attracted a less than desirable type of clientele.

My company requires me to relocate to Kansas City and now I am in need of help on managing my soon to be rental unit.

Most of the lenders we have spoken with such as western alliance bank and Axos will require a $25M minimum.

Look up your city and your state and find out what’s legally required.

During peak months the boat rental was required.  .    

Do your same background and credit checks and other requirements that you do with every other applicant. 

Although the Fannie Mae product matrix mentions the acceptance of Community Seconds for down payments on Homestyle loans, it's crucial to note that Fannie Mae doesn't directly purchase Community Second loans; they set eligibility requirements for Homestyle loans.

My tenants (less than 5 units) usually pay with a money order in person, but I'd like to have another option that also doesn't require a bank account. 

These loans don't require W2's, paystubs, or tax returns.

Lenders will most likely require all these docs.