Tag me if you have any specific questions but here's some quick bullet points on the program:Other Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

It is an off market deal, and when the owner sent me more details, one of the bullet points read: "The siding is asbestus but the house just got completely repainted and it is sealed."

I bit the bullet and said replace it.  

You can find better stuff if you put in the time, energy, and money to find the deals off market.

In our area, as an example, Duke Energy has a deal where people can pay their power bills in gas stations, hardware stores, etc. 

I am about to purchase my first property and have been working 7 days a week in order to simply increase my investment energy.

For a long long time the unsolicited offer has been seen as a magic bullet. 

I agree that over-improvement results in a too-long, pay-back period which erodes your returns, but it does not automatically follow that it increases your long-term maintenance and repair costs.You could take an old, draughty, Victorian building, tighten and insulate the building, replace all the windows and doors with more energy efficient fenestration, and improve the HVAC.  

Here are my best three bullets worth of advice:Get and review client references - Talk to the last couple of investors they sold a deal.

@Marc WinterI would say, I would kind of need to structure the deal is such a way, or atleast, considering my financial situation, it would make the most sense and have potentially less risk than using a HML, insofar as the concerns you mentioned can somehow be addressed within the contract.The house in question has an ARV around 225K, around 25K in repairs and I would offer to buy at no more than 140K.The 10K I have to work with would not cover the downpayment on a 140K loan at 10% with a HML, unless I structure the deal with partial seller carryback on a note for 50K payable after the sale is complete, in which case I would need a loan only of 90K which would leave me 1K to cover interest payments, assuming points are rolled into the loan and a bullet loan is not an option.She is my neighbor and I'm on very good terms with her.