Or is it the case, that this rule of "one business day" is more of a loosely held rule and the one business day can turn into three or five? 

I kept my rule of thumb profit as a number rather than a percentage. 

If you can’t get what they estimate, it appears it would immediately draws you below the 1% rule.

Pay off my house and get a first position HELOC on it.I'd then use the rest of the money to buy rental properties with about 40-50% down at the very least 1% rule.

What made them call you - what kind of repairs are NEEDED - so on and so forth....By the end of the meeting, you both will have "itemized" the areas that need work, and that gives you a jumping off point with how low THEY are willing to sell for, and how justified you are when you give them an idea of how much you'd buy for...The BP podcasts with Michael Quarles was great with this - He was on episode 77 where he discusses talking with these potential sellers with some finesse...He also was on episode 81 speaking more to marketing strategies as a whole.

Fees should be clearly stated, easy to understand, and justifiable.

So, you can see it doesn't fit into the 1%, 2% rules.

@Shavar Golden when you purchased your first multifamily, did it cashflowed with you living in it or did you justify your purchase knowing it will cash flow when you leave?

Even though this  might not technically be against the rules some might think it goes against the spirit of the rules (in my opinion)  I am sure there are loan officers who will have a different take but truly the devils in the details.  

Remember the 50% rule.