He negotiated a $5k discount on the purchase price, and I moved forward with the deal.Fast forward to now - after seeing water in the basement, I hired a professional to inspect it, and the news was not great.

What's the purchase price? 

Other insights to be gleaned from the stats: Cash purchases dominate more than ever, representing over 62% of purchases.

Buyers usually want to purchase on today’s value while sellers often want to use future potential of the property (“current rents are below market” or “room to build an additional property”, etc) to increase the purchase price or likelihood of a sale.

I don't think you would actually be able to purchase and maintain the policy with $750,000 replacement cost if they think it would cost $1.3 million to rebuild. 

When I first started out I purchased everything with 20% down and had enough available much through credit cards which can be problematic also to withstand a few months of vacancy or a $10k repair.

Self-proclaimed Section 8 guru's online claim to do the latter and then find Property Managers after they purchase the property in whatever state, but I don't know how real that is. 

For those, each has its own LLC because I need to segregate investors in different properties (in other words, the ownership is different so the entity has to be different) and because our lenders for those size deals require single purpose entities.But if I formed a separate LLC for each of the 700+ properties that I’ve purchased in my career (all of the houses and small multi), I’d need a full-time legal team just to handle entity administration.  

Hello, I am new to the BiggerPockets forum and looking to purchase my first investment property this year.

This is the percentage of costs (purchase and rehab) covered by the loan.