I will be verifying that by walking through the property, as well as having a certified inspector walk through as well.

I’ve put in full baths for as little as 4K and some over 25k.Get multiple quotes, go see their previous work, verify their insurance and build out a draw schedule that makes sense based on labor and materials.

Its up to you guys of course but make sure the sellers financials are verified. 

(Yes, I know how to vet PMs.)Lots of CapEx in the past two years, mostly updated units.New roofs / new plumbing in most / new HVAC / etc.)Block bombproof constructionProperty has been cranking out greatly increased cash flow each year.2016 - the true net after ALL expenses, management, and repairswas about $800/month2017 - the true net after ALL expenses, management, and repairswas about $1,200/month2018 - so far this year, the true net after ALL expenses, management, and repairs is about $1,600/monthI have actual bank statements / tax returns / P&Ls to verify all of thisMany tenants have been there for 5+ yearsVery low vacancy rateAll tenants current on rentThe negatives:Neighborhood is terrible.

The Guidelines are same as long its under confirming loan limit.  2 years history is good enough  but lenders can accept working history from other county which can be verify by paper trail.  

Verify that you can in fact add a structure but I suspect you cannot.Its negative cash flow is far worse than you calculated because your calculations did not include maintenance, vacancies, cap expense, Misc.The reason for the big negative cash flow is the 96.5% LTV. 

I made it clear that there will be a paid background check later on to verify all info.This gave me a great way to pre-screen people before scheduling any viewings at all.

However, the lender must verify the borrower’s employment for the most recent two full years, and the borrower mustexplain any gaps in employment that span one or more months, and indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers. 

If the current owner does not have this info, ge the tenants to complete an application and verify the information so you have it if you do need to file eviction later. 

You need to verify what you find through other sources since these title company resources will not be 100% accurate.