All parties have to be notified but we typically do that right at the closing table to cover any unethical thoughts on the sellers part. 

I walk properties all the time and on the table I see 5, 6, 13, letts/postcards on the table scattered yet they call us and end up selling to us.So if you are serious about investing.

@Kevin Sobilo I agree 100%.... that's what we ended up doing.... we agreed to meet in the middle and come to the closing table with 1/2 the difference in agreed upon price and appraisal... and will pay off the difference over the next 18 months. 

No we did not come to any terms, the seller's equity in the property was very low which took owner finance off the table.

The reality is that you have to bring something to the table (skin in the game).

When we do our taxes we break our the big table and categorize receipts (which usually have notes written on each one). 

when they think they have left money on the table and some lawyer gets a hold of them.

On whether or not you will qualify, you might just talk to a lender and lay everything on the table before getting a hard inquiry on your credit, then you will decide if you want to move forward. 

@Jason DiClemente I think that's a pretty reasonable time table.

You bringing any skills/outlets to the table with you?