---So, insist on them providing the rental application and supporting docs for your review.

Omgosh, @Chris Newman, the word I meant was "wary", but certainly "weary" has its applications these days- I'm 32weeks preggo & pregnancy brain is in full effect.

So my question is, how do I get out of even letting the tenant complete the application process or is that not even an option?

I've also found that email savvy applicants are usually able to work out online payment or direct debit, as long as they can do it on a smart phone.Like Doug mentioned, if you can find a building that makes a profit with rents under $1000 you'll have no trouble with finding tenants, anything sub $1000 should fly.

After spending tens of thousands in application fees to get planning permission, the day that the first foundation is dug for the two properties, they will owe the council another $80,000 in taxes.

A percent application idea like that doesn't apply to all loans as a loan for $30k is different than a loan for $300k and $3.0M.  

You can expect to see one hard inquiry for a loan application (one per credit agency that is).  

From application to closing is 2 months minimum but in the end i was approve for both and happy with the rates.

Investing in Real Estate: 7th Edition by Gary EldredI am enjoying this reading because of the variety of ways he states one can invest and/or profit: practical application rather than endless motivation to leave the 'rat race.'

You can get FHA insured loans on investment property, but you have to pay the larger down payment.The steepest penalty that your friend would incur would be having your loan application denied if the bank decided they don't want to lend to you ... but that's more about his ego, and not going to influence his credit score.