A fellow BP member / friend challenged me on this and threw out the idea of keeping the house as a long term rental and then using the cash flow to pay the payments on a newer vehicle.

Her role has also been as a sounding board for challenges and she also helps keep me focused. 

I'm wondering the best way to handle applications and collection of application fees, as well as selecting the most qualified tenant.

If the answer is Yes then you really don't have anything that is happening that you can not handle.

I gave him until October the 1st to handle this and if he doesn't I will be filing an ejectment suit. 

The answer is easy.Companies know that if you give specific data, you are less likely to be questioned and challenged on the veracity of what you are saying. 

@Giovanni Luna personally I don't have experience with development.My firm belief though, if you have experience and a solid track record, finding money for projects is not the challenge, rather locating great opportunities for your investors.Your investors and lender will want to know about your experience and track record.

We will compensate our realtor $300/lease to show and handle lease signing and coordinate with handyman for any minor repairs and reach out to others when more specialized repairs are needed.

I'll talk to my agent tonight to see how best to handle a low offer, and go from there. 

The superior investor seeks out ideas that challenge his or her view of things.