Then I take all the deficiencies I find and I fade my bid. 

If not, then I promise the bank will come after you for the other 80%, or at least whatever deficiency they couldn't recover from sale of the property, and it will still trash your credit.

Because all those deficiencies are easy to fix.

However if you consult with a real estate lawyer they will (in the interest of being hired) point out specific deficiencies.  

You have to correct EVERY deficiency  on the TISH.  

To material deficiency, or to not material deficiency.

I think managers would be liable for contract and landlord tenant issues.. but not deficiancies with the home.IE if the PM did not give back deposit or red lined or something like that out of your controlas for the property itself.. 

I only use the TREC forms on my purchases and sales and revise them as necessary using language my attorney drafted as well as language I've formulated over the last 17 years to address specific deficiencies in the promulgated form (waivers, disclosures, mitigation of litigation, etc.).

If maximum amount is exceeded use HomeStyle Renovation program.Contingency ReserveA contingency reserve equal to 10% of the total costs of the repairs/improvements must be established and funded for all mortgages to cover required unforeseen repairs or deficiencies that are discovered during the renovation.HomeStyle Renovation Loan: Product Overview Combines home purchase or refinance (limited cash out) with home improvement financing in one loan with one closingProvides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50% of the "as-completed" appraised value of the property with a first mortgage, rather than a second mortgage, HELOC, or other more costly financing method.Funds can be used for repairs or renovations that are permanently affixed and add value to the property.Primary residences as well as second homes and investment properties are eligible.NO MOBILE/MANUFACTURED HOMESBOND/DPA NOT ALLOWED EXCEPT COMMUNITY SECOND DPA UP TO 100% CLTV.Required LTV's: Primary Homes:-1-4 Units-620 FICO Minimum (660 High Balance)-95% LTV 1 Unit-85% LTV 2 Unit-75% LTV 3-4 Unit- Minimum 680 Credit scoreSecond Homes -1 Unit - 90% LTV -700 FICO Minimum Investment Properties:-1 Unit - 85% LTV Purchase Only (75% LTV Limited Cash Out)- 720 FICO Minimum-2-4 Unit Investment Properties - NOT ALLOWED WITH THIS PRODUCT!

I highly encourage you to attend the Fairfax REIA and most deficiently Tyson's Corner REIA.