They will not insure the preliminary search that they do for you and if for some reason you don't use them.  

I'd be shocked to hear you covered the expenses every year.

Sometimes liens aren't found initially when the preliminary HUD is submitted to the bank for approval (such as a utility lien for a few hundred, a city lot clearing lien, etc).

By the end of the year we will have an attractive, fully remodeled 5-plex in a decent area close to the University, shops, hospital, etc..Preliminary calculating the commercial value as a function of the NOI and assuming a 10 cap we would seem to have gained a decent amount of equity - if we do not occupy the 2BR.

I am in shock.

I have just been in the preliminary stages of financing them to tenants that live in them.

Most are shocked they can't get into a $100k house for $1-3k down with no background check (sometimes no job), and most admit right up front they have terrible credit due to 'my ex-spouse' or some other reason.

Estimated Reno is $35,000-40,000 based on preliminary estimates from 2 different contractors.

In fact, I'd be shocked if the signed escrow instructions didn't supersede a purchase agreement unless stated otherwise in the PA in every US state and territory.

The seller could be fibbing to me (oh the shock), but he told me his tax guy said he would be taxed at his current rate long term capital gain at the net after basis and depreciation recapture EVEN if he sells to me on seller financing.