My only backup plan if I can't get verified funds is to assume the worst and to drop my counter offer even lower than my original due to the risk I would be taking on, and then when I do my in person inspection try and guess what rents are fair market for the empty units, and ask as many tenants as I can what they pay in rents monthly.

The project will most likely end up costing us $10-15K more than we originally budgeted, this comes from being new to all this and not knowing near what we know now!

@Joseph Coleman yes when you originally posted this.

Any help  appreciated as most of the homes in my area have had bathrooms and kitchens added in places they originally weren’t. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Most enticing is it is located on a very well established street with a wall score of 92 - lots of restaurants, bars, shops and a park nearby.

Your 2 year old car could have been around 65% of original price, depending on how hard you bargained.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Originally posted by @Michael Ansley:Thank you for the advice.

Originally posted by @Fred Heller:Not giving legal advice, but moving out before the lease expires does not mean you forfeit the security deposit.