For needing a POF letter that is usually something a bank asks for.If you are dealing with regular people it is less likely to come up.Even for a bank type thing you can get POF letters online, don't use them if you aren't totally sure you can close, but if you just need to provide a piece of paper to go in a file it gets the job done.However if you are trying to do REO properties you can't assign those so you better be prepared to actually buy the place and double close, or have something setup before the offer with trusts or LLCs where you selling your rights in those things.  

I think it's great that low and no money options are out there, but 99% of new people, without money, and without any experience, could get into a bad spot really quick if they're not financially prepared for the potential downsides of their investments in real estate.

and weigh how realistic their plan is and if they are prepared to be more responsible with their spending in the future.

We are preparing to rent our newly acquired house to students in the upcoming semester.

Personally, regarding your statement "I'm trying to find background info on prospective tenant before showing them a property", I'd have the prospect "self screen" with a well prepared, written process.

Question for you, for your first 20 unit investment what preparations did you do or take beforehand?

You'll get through it, learn valuable real-life lessons, and be better and more prepared in the future.Best of luck.

Here's a few things to think about as well.1) Commercial space takes a lot longer to rent generally, be prepared for it to sit vacant 6-18 months depending on the vacancy rate in your area.

If the tenant is paying close to market rate, leave it occupied and just be prepared to renovate when they leave.

While preparing for closing, the title company finds out that the seller who was being foreclosed upon, sold the house the day before the auction.