,I agree with a lot of what @Larry T. said and think you need to really evaluate your model and numbers. 

Interesting investment model and I agree the headline is just a bit overarching.

Before you can collect rent, you need to retake possession and rights to the house.

CU's who have low deposit rates, usually also have low commercial lending rates.But at the end of the day, you just have to call each of these banks and see if they lend to your business model.

It could also be that the specific FICO models that we use as mortgage lenders are more conservative than the credit card FICO models - which would make sense.

Unless a bona-fide income source is willing to guarantee payment through the term on the lease, and guarantee payment for any damages caused by the tenant - their agreements with the tenant are irrelevant to me, and I'm forced to make my own conclusions about the risk of that income source terminating or damage caused by the tenant's negligence.Furthermore, I think that income source (in many but not all cases) is a fairly good proxy for the care rental property in their possession will receive.

They are generally the best looking buildings with the best construction, and possess high quality building infrastructure.

(However, I guess it would look pretty cool to have a briefcase handcuffed to your wrist like they do in the movies.)At the last auction I went to, the ONLY way you could pay was by cashier's check and you had to show that you had them in your possession before the auction started to even get a bidder's card. 

Then, the property becomes the possession of the county that it's in and the county auctions it off.

I have seen models that show the two metro areas converging in time, not unreasonable to envision.