There are no income or credit qualifications.

You have to meet some minimum qualifications though. - practice in at least 5 states (not heavy hitting states like CA CO etc. you know what they are, because you want to be there!)

I'm also self-employed in my sales job so I'll have some difficulty with qualifications.

Most commercial lenders are not so much concerned with the borrower's financial record and qualifications as they are about the mortgage property value.As opposed to banks, commercial lenders are able to give funding commitments in a relatively short amount of time.

You don't need credit, money, income verifcation, pre-qualification from a bank, a realtor or broker's license, or any of that. 

However, the person with Contract A may have bad credit and got a pre-qualification letter from a lender who hasn't really done much due diligence on them yet (nobody needs to when they kick out those useless letters) and when it goes to underwriting, the bank may say no deal.

Qualification does require collateral to weed out first timers.

No borrower re-qualification is required for subsequent transactions.

Seriously, schooling is just a waste of time in my book, most work isnt even based on qualifications these days its all down to experience.

Qualification Interview Sheet (by phone)4.