I endorse Bill Gulley's position.

I don't necessarily endorse those options, I'm just throwing them out there so you can be aware of them.One thing I'd watch for is that your purchase price of $220K plus the $80K high end of your renovation budget adds up to $300K, which is exactly 80% of your low end comps at $375K.

Not endorsing it, just curious. 

If you're really worried, you could note on the check, below where you endorse it, something along the lines of "remaining balance $100."

That also helps your DTI to get more financing, and you can later refi/HELOC to get at the equity.I invest out of state and love it, so that would be my endorsement. $40k would still get a newer construction SFH (little to no CapEx for a bit), cashflowing place in a B neighborhood in Raleigh, NC, for instance.

Most companies offer an endorsement called "Building Ordinance & Law" or something similar.  

Well said David, Thank you for the endorsement! 

I have the checks made out to me and only endorse them when I have a winning bid.

Here is a great link to a blog post from a couple years ago but obviously this sort of stuff still hold true. http://www.biggerpockets.com/renewsblog/2013/03/20...If you are willing to spend some money I know there are apps out now that help estimate construction costs, I just have never used them nor know anyone who has so I am hesitant to mention them and definitely not endorsing them until I find out more about them. 

Our company is a LLC the lender wants a commercial endorsement (Is there a way around this??)