The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Also look under the kitchen sinks to see if there’s been leaking or if the plumbing looks hacked.

The reality is if you just do one deal, I suspect you are not likely to be "caught". 

course, NEVER, just do to a local RE meeting, you will learn more in an hour then 6 months reading NOT reality books.

Then you will have a 10ish min quick walk through the property and if his pictures matches the reality and you don't see anything abnormal, then after you sign with him assignment agreement and you put nonrefundable deposit and close in about whatever days you agreed on(usually up to 10).  

Updates include new upstairs flooring, kitchen counters/sink, bathroom vanities/toilets, and fresh paint.

To the OP: I wouldn't sink $500k into one building and be careful about over leveraging (taking out equity with re-finances or HELOCs), especially if you want to quit your insurance job. 

In reality maybe even 40% after considering all costs.To get the best of the best rate, 40% down is required, which is fair if they give us the same rate as conventional.

I see this all the time with wholesalers who send me deals and over inflate the ARV 30-50% where it looks really good on paper, but is not based in reality.  

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!