Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

And it definitely doesn’t protect you from application fraud.For 1–2 properties and a local owner who knows what they’re doing?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

"His" software I found interesting, but I don't believe he developed it.

If the place looks good otherwise I would have him added after an application/background check.

I do not have any experience with this company but in most instances, owners run into lots of limitations with the software/program and wind up hiring a PMC.

You may be able to conduct a hybrid system where someone (state approved) takes tenant through the properties and you can review the applications, but the licensed broker or PM actually does the tenant placement. 

I don’t think you could go any lower than 51%/52% so that you can pay off all borrowed funds.However, even though the numbers are already tight, you haven’t accounted for property management, water, sewer, trash, common electric, accounting and city inspections (if applicable in your city).Your breakeven point occupancy is also more than your 5% vacancy rate, so even-then it’s going to be difficult to cash flow.

Most residential lenders won’t close in an LLC.After that, expect standard investment refi docs:Income / Qualification• Last 2 years tax returns• W2s or 1099s• Recent pay stubs• Bank statements (2–3 months)• Schedule E if you own other rentalsProperty Related• Current mortgage statement• Insurance declaration page• HOA info if applicable• Appraisal (ordered by lender)Since it’s vacant:They may ask:• Market rent analysis from appraiser• Lease if you get one signed before closingIf it stays vacant, they’ll qualify it based on appraised market rent, not actual lease income.One thing to confirm:After you move it to personal to close, ask your lender if you can deed it back into your LLC post closing without triggering due on sale.

Wholesale lenders are where lenders (banks or mortgage companies) work with mortgage brokers directly manage the loan application and process for borrowers.