This is because the mold should be just on the surface and shouldn't have penetrated into the drywall itself.

The washers that come in the kits sometimes are hard plastic with no flex and will leak with any abnormality surfaces in the tank where it seats down.

You must have skin thick enough to deal with that and not sweat the small stuff.

In addition woodwork and other semi-porous surfaces will require sealing of some form.

Before you rent, photograph every surface in good lighting and high detail.

If 40% is what it takes to get the capital, that's fine, but in my opinion that's pretty rich to the money source when you have 50% skin in the game.

Bottom line, you've got a good deal (on the surface), but need money to execute.

It also allows him to get his refinance ready to take you out as part of the refinance so he isn't coming out of pocket for that.For him you are keeping some skin in the game when you initially rent it so that he knows you are placing a quality tenant(even though you would anyway that's what I would tell him).

Unless you're going to go with a hard surface of some kind, any carpet will show wear and tear unless you are ready to either spend some $$ on a great, quality carpet (a Triexta fiber carpet for instance) that has superior stain resistance qualities (not stain proof), or go with the nasty, cheap sculpted carpet that you see in low end rentals all day long.

However there are more than one way to skin this cat.