A lot of investors in my generation don't want to buy because they are "waiting for the next crash".

Generally 4 units or under approasers use "Comps" to arrive at value.

I would like to have read a few from any state before arriving at our attorneys office, so I can bring to question some of my concerns.  

How did you arrive at the Purchase price and ARV?  

I was underwater on my investments in Jacksonville, FL for a decade and had positive cash flow the entire time, so the crash was immaterial to me as a buy/hold guy.  

I dont know about Atlanta or GA MSA but there are some banks here in WA these days that go upto 95 or even 100% (according to the flyers I have seen) with a full appraisal and other factors like assets, your financial stmt and other criteria but upto 90% LTV is pretty std I think in most cases for a HELOC on a primary residence and 80%LTV on a cashout on primary residence.If its a rental your only option would be cash out refi @75%LTV as HELOCs on an inv prop are virtually non existent anymore after 2008/2009 market crash but you never know.

Within day's upon arrival, I found that the vent to this addition is not connected to the HVAC.

I arrived at the annual net operating income by taking the gross income minus vacancy allowance to come to net income then subtracted all of the annual expenses including the annual water bill.

During the last crash, the niche that came out the best, was multifamily.

If you elect to proceed, Zillow sends two inspectors to the property to take pictures and look for possible repairs to arrive at a final offer.