If you're scared to take the leap to get your first property, I'd advise making your first deal as low risk as possible. 

Even at 280 it leaves you at $32k and after taxes brings you down in the low-mid 20's, with no hiccups.

Ultimately, it depends on your goals (low rates, fast turnaround, etc.).

At that time the lender gave you a fixed loan for a certain period of time with so much down and a certain amortization schedule.The debt service coverage ratio example.At DSCR of 1.25 means for every dollar of mortgage payment the NOI can cover 125%Your current lender back in the day might have done say for example a 1.10 DSCR ratio because absolute NNN and investment grade so perceived risk to them was low.

You can file paperwork yourself or as others have stated, hire an attorney.Typically, you'll want to have a notarized affidavit filed or writ of possession issued and signed by a judge.This can vary from jurisdictions so if you are unfamiliar with how to move forward it may be best to consult legal counsel.Legal counsel will typically cost in the low thousands after filing fees, processing fees, attorney fees, court costs, etc.

But in the end we bought a big townhouse with low HOA dues for ~$50k under market value.

@Guenevere F. you're going to need 20-25% down to get a mortgage.If you target $100k, that won't leave you any funds for closing cost, maintenance or emergency reserves.You could try targeting around $80k, but the $16k-$20k down payment would still not leave you with enough.If you buy under $80k, you're probably buying such a low-end property that it is unlikely to meet your performance expectations.

hey @Jason Lowe your property sounds incredible and it sounds like you have some good ideas flowing.The BiggerPockets community has profoundly impacted my journey in real estate and investing!

Obviously if the value is low that's one thing, but what if I pay and they deny me for some other reason?

Learn by doing, not by paying.You can do all the right things after spending $40,000 on mentoring and not end up with any real estate.If you invest in a project.....very low chances you end up with nothing.