Instead of just taking the first months rent they actually paid me the first months rent, then charging me the 10% management fee and sent me a bill for the full months rent.      

I show the seller basically three options, 1. they can sell for cash and pay the cost to sell, which is about 10% of the value of the house, 2. secondly they could rented out and wait for appreciation and there's knocking to be very much principal paydown, and 3. lastly they can offer the property for lease to own, somebody moves in and pays their market rent for period of time, works on their credit rating and their ability to borrow money, and then pays full price and also pays closing costs.

I don't think any financial institution will acknowledge a client's ability to cover a check over the phone anymore, at least where I live. 

Bottom line is pick one; do it to the best of your ability; measure your results and then refine the approach or move on to a different method.

Our long term goal is to buy and hold, but the cash out upfront could afford us the ability to buy two properties.

While my current financial situation is improving, I do not currently have the ability to jump on a deal should I find one.After explaining my plan to a close friend who also lives in the Chicagoland area, he told me he is interested as well and has up to $40K to invest.

To the extent possible, the Baseline Standards will leverage off of existing standards or generally accepted business practices.

If you are working 50+ hours a week, you have within you the ability to save up a 3.5% down payment to purchase a property with an FHA loan. 

However given the correlation to commercial RE thought here was best.I've noticed on some of the financial products I've been pursuing/commercial loan apps, and personal financial statements, all of them have asked about life insurance.For any in the commercial lending realm or those who have filled out more commercial lending applications/financial statements than they care to remember, do you feel or know if the life insurance section carries much weight on  your application/ability to obtain the loan?

I don't see this any where in the HOA doc, and am wondering if its common practice to get an Estoppel PRIOR to getting into contract.