Without stable income (verifiable) I wouldn't expect any bank to approve a loan.

Lenders send appraisers out to the property to verify value.

They can verify a deal as good or bad, they can have local knowledge and recommend contractors and so on.

@Chris Abislaiman Yes I self manage and I run a background check, call their last two landlords and verify their income/call their boss.

They're the ones that need to verify what you'll need to get a deed if you buy it.

On top of this, an electrician will likely charge a $60-$100 service fee for coming to your property.Of course you should verify these numbers with an electrician, but these estimates should be pretty close!

Just verify with them on the deals they have closed, possibly with HUD or Agreements that have came to a close.

Check credit, check rental history, verify everything, google them (check their social pages, do a background check, and require an increased deposit.

@Richard Daigle it would probably be a good idea to verify with your state if you're allowed to manage other's property without a license, unless of course you are.I use Appfolio for my PM software and really like it but I believe it has a 50 unit minimum now.

The IRS has been sending a bunch of letters 4883C requesting taxpayers to call 800-830-5084 and verify their identity.