Charge tenant $40 or $50 application fee.

The banks will have their own metrics on what % of the income will be used for CAPEX/Repairs/etc and will do their own DTI analysis on the property stand alone.This should all be part of the bank loan application, they generally have an income/expense worksheet for each of your rental properties.

One collection doesn't seem excessive though considering we have had other applicants with higher frequency and dollar amount. 

I use a point system to rate applications.  

Good building, good condo association (is applicable) and overvalue any parking it has, trust me.

I'm told that not allowing pets in the particular area I'm looking at will discourage a lot of applicants.

I used to do commercial estimating for a little while however I don't know what the unit costs may be for your location and for residential applications.

For this very reason, before hiring anyone, it is advisable to request a current copy of both their General Liability and, if applicable, Workman's Comp certificates.

ELECTION UNDER SECTION 761 As stated above, partnership interests are specifically excluded from the application ofSection 1031.

There are still tons of people who will buy or rent within an COA/HOA because they like that the who community will be maintained to a certain standard, the cost of shared amenities is spread out, there is a management company who will handle all the maintenance items on the exterior of the unit for you and usually budgets for replacement of items.The cons of a COA/HOA is that they require an application/approval process.