Everyone has to apply for renting and they accept for 20% on first come first serve basis. 

I have selected a broker but have not applied for the license yet.

many lenders don't like to lend on condos where too high a percentage are rentals" - that only applies for FHA loans with less than 20% downpayment, right?

If I set it up as a 5 unit it will become comercial real estate and then a comercial loan would apply. 

@Tim Jacob, does the 2-unrelated-adults law apply to owner-occupied properties in the county as well?

Specifically applying to Virginia (if it matters)

I'm looking at 5 unit+ properties and adding ADUs since those with immediately be valued off of the NOI.The CA state-wide rules for ADUs don't apply to 5+ properties (meaning, you can only add them to SFR or duplex properties), and I don't know of any City that has alternate rules that are more permissible. 

Do my kids need to apply for EIN, TIN or any other numbers?

However, if it's a Mortgage foreclosure/Sheriff auction then the rules as @Andy Mirza mentions above apply.  

Knowing which comps apply in which situation takes experience in and knowledge of your property type and market.