Brought 1st Rental property for $25,000 — Obtained financing based on a subject-to appraisal that came in at $50,000 @ 80% LTV = $40,000.

My original thoughts were I would be able to only put $15K into the property a...

This agent may have outlined the work to ready the property for market and the work may be underway, by the guidance of the agent.

. :)There are already efforts underway to allow the underwriter to pull bank statements, paystubs, etc, directly from the institutions so we aren't waiting on the borrower.

Have you checked to see if bidding is underway? 

I've got other plans under way, so I don't have a ton of flexibility to prolong my employment to give more room here.

Congrats on getting that first deal under way!

There are also two caveats to this: We really can’t start the full reno until January (closing August 31) and we are trying to get away with a small down payment given that we will be paying rent and mortgage for a year while the renovation is underway.

If you have an estimate of services for a 28 unit building built in 1928, purchased in 2018 for $835k and rennovations of $420k underway, I would appreciate it.

2.5 reasons (1) I want to learn as much as possible before diving in i.e. research, building out a local network & team etc. (2) I am at the start of my green card process so I want to ensure that it is well underway beforehand!

Finish off any work that you currently have under way before the inspector comes in.