It may require you to maintain a specific liquidity ratio over the life of the loan, or maintain cash reserves equal to a specific number of payments, or upon inspection prior to the loan being Funded, Require you to come out of pocket with cash, for instance, to replace the roof because it has more than two layers on it, replace or grind concrete that has heaved, or embark on a program of replacing balconies that have rotted within a certain amount of time, et cetera...

I know it's a pain to pay the extra couple hundred dollars for re-inspection, but it's always worth it to double check and confirm on your end.

Or would I need to request to loan docs to confirm this?

This is further confirmation for me as to why VRBO will always be 2nd fiddle to AirBnb.

I send my handyman to take a look at the damages and its obviously chip all around the drain hole, the plumber from the company send me a photo of the tools they use to try to remove the drain and my handyman confirmed those are not the correct tools to do the job.

Cash reserves from flipping houses.

I plan to start searching for properties when I have 50k, but likely will have more reserved by the time I close on my first property.

I do have some reserves and can also offer some boots on the ground type work.

It's really just confirming viability, hence the term letter of INTENT. 

This presumes you make smart purchases that cash flow after paying all their expenses (Principle, interest, Taxes, Insurance, and a maintenance / Capex reserves).The risk of leverage is if your properties AREN'T making money - maybe you misjudged your income, or you run into repairs that cost more than you expected or budgeted for.