You will almost always pay more than you initially planned.

Nonetheless, though, if the numbers initially look good, and you haven’t closed yet, not still do an inspection.

To imply positive initial cash flow for long term rent ready RE at high LTV is misleading.  

@Chris MartinI believe that HELOC's were only called when you equity position changed below the LTV that you initially qualified.

If you did manage to make the $70,000 you initially estimated, it would be $15,400.All the best!

I'm new to REI and on my initial assessment, the further east you go the easier.

Also to OP, I am trying to help you answering this question using AI, here's 5 scenarios with assumption of loan of 500k with rate of 7%:-------------------------40Y 10YARM:Key DetailsLoan Amount: $500,000Loan Term: 40 yearsMortgage Type: 10-year Adjustable-Rate Mortgage (10YARM)Initial Interest Rate: 7% (for the first 10 years)The $2,918 monthly payment is based on the initial 7% interest rate during the first 10 years of the loan.------------------------------------30Y 10YARM:For a $500,000 loan with a 30-year 10/1 adjustable-rate mortgage (ARM) and an initial interest rate of 7% for the first 10 years, the monthly mortgage payment would be approximately $3,326-----------------------------------------------------40Y IO:For a $500,000 loan with a 40-year interest-only period, the monthly mortgage payment would depend on the interest rate.

My thoughts are that if it were the price they wouldn’t have bothered touring the property unless that’s not disclosed initially. 

Long term I would like to transfer into an LLC but initially it will still be in my name.

I regret some of my initial purchases and I would be much better off if I had invested elsewhere.