Also not to add electric because we have different standards.

While in other parts of Chicago the market standard to have BOTH!

@Billy Houston- thanks  1) DSCR might work very  well for you ...if you can  qualify for a standard  conventional 85% ltv  loan - this would provide better  loan terms   2) yes - DSCR is very different than a cash out refinance 3) consider  getting fully pre approved for a standard  conventional loan at a 85% ltv ..this is  crucial  to do if you are looking to buy in a competitive market - thanks and all the best 

Also another reason people can need to pivot from utilizing conventional loans is their DTI gets capped or they are self employed and thus despite having ample liquidity to conduct the transaction they’d trying to do, can’t document income to the lender’s standards.  

Is this standard practice? 

I believe NYS law is 15 days to keep the things, but I have also read 30 days is standard. i want to get the property cleaned up and start working on it...

If they were down at the 2x income level, I would almost consider that disqualifying by OUR standards.  

Your agent should be able to show you numbers of recent properties that were a "good deal" based on market standards. 

Also, remember that city building inspectors or looking for minimum standards and may or may not be best for what you're trying to accomplish.

My current favorite is to use the standard contract realtors use in my state of Arizona.