Do the best with the information you have at hand BUT do err on the side of caution.

I would rather err on safety.

Read the lease" is an incomplete and often erroneous approach to Landlord/Tenant problems, as leases may often contain illegal material based on how a particular state treats Landlord/Tenant rights.

I contact one of the sisters and ask if she has any pull with the HOA given what they put her through (erroneously starting foreclosure proceedings, not doing work etc.) – 4 days later the HOA approves!

It's definitely grey, but for my clients I advise them to err on the side of caution and go ahead and issue them. 

Yes I would be interested in how Michael gets these clauses taken out.To think the bank doesn't need to sell is really erroneous.

To do so would be erroneous and misleading.

The point it the courts view you as being more knowledgeable in real estate dealings than someone not licensed...whether or not it is true ;)Err on the side of caution....you don't want something like a civil suit to make you lose your license, g t fined or any numb of other potential hazards.Just remember, you are held to a higher standard in terms of eight summit, especially if you are a member of nat assoc of realtors.

So, to some degree, the answer to your question depends on what you're investing in.For our properties, I typically tell investors they should have $5k-$7k in reserves for the first property and about $3k-$5k more for each additional property - we always err on the side of conservatism. 

But there are a lot of people out there looking to wholesale that will waste your time using erroneous information or making erroneous interpretations of the data.