Do not hesitate, to post questions and bounce ideas around in applicable forums.

Any tips on how to go about  creating the rental application, and analyzing their credit and background checks? 

Once people were done looking and wanted an application, I took down their email address and said I would email it to them.

Final approval of the building permit would be conditional on the approval of the sub-division application. 

Look at their profile and then do a little digging.Do they have a web presenceDo they put their contact information on their profileIf you call them and leave a message, do they call you backDo they just have a gmail or yahoo email or do they work for a companyAre they Pro members vs. free And a big one is do they ask for money up front for their services (application fee) vs. just getting the appraisal and credit report covered.Truthfully, I think it's harder to find out if an investor is legit as opposed to lenders/brokers, but I understand how, with all the lenders/brokers out there, they can be difficult to weed through.Good luck,Stephanie

However, in doing my due diligence I have went to numerous banks and credit unions and they will not give a loan out on this type of deal.

I would add that with a multi unit you will probably be paying for water bills and, if applicable, grounds maintenance (grass/snow) unless you can somehow bake those charges into your leases (difficult to do with a multi-unit.)

Although, you wouldn't be able to spend that IRA $ directly to buy property, it will benefit you in mortgage applications.

Real estate is always local, so these numbers may not be at all applicable in your market.

We never signed any document's other than the application.