If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower.If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below.If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0.

You may truly be in a market that's too expensive, but I would first verify if others are doing it in your market before completely writing it off.  

Are you able to physically verify there are people in the unit? 

Trust, but verify.

We always let them know the next deal we're trying to get as early as possible, and verify we can get more mortgages thru them - we haven't hit the "ceiling" yet.

We verify the phone number.

That said, even our HMLs run a credit report, want to verify income, etc.

Can someone verify

However I am also asking that the seller verify the Rental Amounts, when they were last raised, AND VERY IMPORTANT, If Tenants are current and record of rental payments by date and amount for 2020.   

Regarding your residents "joke",  Have an open convo with him to better understand his thought process, inspect the property every 2-3 months to verify condition and upkeep and verify rent is paid onetime monthly.