I'd rather rent a property to someone that's highly qualified than gamble on someone with poor credit performance.

I marketed the unit and screened/accepted new tenants, accepted holding deposit in secured funds.

Most of the MF in Indy is in old, rough neighborhoods that don't perform well.

I would obviously like to get my tenants secured and locked up in writing as soon as possible but issue is I don't have formal land use permits as of yet nor have I started the process - all I know is that QSR/coffee shop/drive thrus are allowed according to the zoning code.

It is a absolute must that you perform a thorough credit, employment, income, previous landlord, financial and employment background check.

Unless you want to have an in depth foundation of modern value investing, Security Analysis is overkill because it doesn't have much in it about REI that you won't get from The Intelligent Investor. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

@Tina T. in addition to the property performance, post-close liquidity, experience, and down-payment mentioned above, they're also going to want you to have a net worth >= to the loan amount.

@Blake LowdermanI would look deeply into the properties past rental performance. if the numbers are EXACTLY as you mentioned I would consider the deal.buying at these terms can be tempting but you have to make sure you are not "buying" some one else problems. definitely research the past years income and expanses and verify the numbers.I have personally dealt with properties in small towns like these - its a bumpy ride:-)

David Hite do not go off of the origination date or due date if it is non performing - that is useless.