We expect to have holding costs of $15k to get through the off season and the condo is pretty updated so we would only be spending $10k in renovations (updating the bathroom and then finishes in the remaining rooms).

I've actually accepted the application and I'm proceeding with the rental because the rest of their circumstances and referrals created a decent story which I evaluated to place the applicant in a "low risk" category.I'm just looking for some feedback regarding how to handle "additional" information, such as maternity leave, when evaluating an applicant.Thanks in advance for a continued discussion.

That cost about $400K from our proceeds.

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

Estimating cost for streets and utilities is just a piece of the puzzle, and likely easier, although more expensive.

THEN start looking at investment choices.How did the 700 credit score get so low?

Eg if owning a house for the mortgage, insurance and taxes alone would cost you over $3000 a month (mortgage alone on a 25 year amortization for $500K is $3000 a month, goes down to $2700 on a 30 yr mortgage). 

That is not reflected in the lawsuits related to this issue.You make no mention of the escrow costs or tax implications or transfer taxes or scrutiny that is involved with a deed back.

@Rufino MendiolaIf Illinois doesn't fit your investment criteria then I'd go with a market that has strong population/job growth, landlord friendly, low property taxes and high rent to price ratios.

@Wayne Kennoff- thanks   1) getting a personal referral is a good place to start 2) if you have narrowed down the options to a few -  contact both on the same  days and ask them for whatever  quotes  for your scenario ...ask for a loan cost worksheet  if  possible .  ...if their pricing ends up being  the same - make a decsion based on the  feel  for  cutoner  service you get when communicating with them.   3)  make sure they  disclose all the fees  related to the  refinance  ( not just their  own fees ) ..4)  reviews are   hard to  use to make a decision ( as you found out ) 5) rates are pretty high right now for rental  properties ....if you can wait to  refinance - you might consider doing so ...if you need to refinance - so be it ...Good luck