Here is a link that explains it.https://www.michigan.gov/documents/2856_11014_7.pdf

Some lenders require a 2 year history of managing rental properties before considering the rental income FYI.  

Any turnkey provider can fix a house and sell it "turnkey" but the less reliable companies will never manage their own tenants or their own repair work.Similarly, property management companies that know both (1) the condition and history of the property, and (2) know the tenant is the best type available, will have the best return on time and money.We can PM if you'd like further details, I don't intend to hijack the thread :)

How do you guys analyze an applicant's rental history?

They basically just send you some documents with different rate options (ie: 6 month open mortgage, 2 year term, 4 year, 5 year, and rarely a 7 or 10 year option).

http://www.cheaphouseswilmington.com/the-trumps-real-estate-a-brief-intense-history/

Hello BP,I've tried to download a document From the fireplace through the Android BP app, for some reason its not downloading.

If your buyer is not a cash purchase and they need financing,  than you will need to be able to provide operating statements, rent roll, tax returns etc. showing a history of the property cash flowing. 

"local cost category modifier"= (+$3.30) more than the national average. 5) He'll make arrangements with local house inspectors to do a walk through the of house and take extensive documentation.

@Ron Boling, Jason beat me to it re: having to sell the loan at a discount, especially as it will be unseasoned at that point (little/no payment history).