Other than that, you can prepare a simple notice letting them know that you thank them for applying, however they did not meet the criteria, and you can choose to tell them it was based off of their credit, and or background or simply just say that the minimum requirements were not met. 

So if there is a fire due to natural cause, HOA insurance will cover the cost of exterior repair like painting the exterior walls.

In my area, they actually require a little more than the local municipality and lately have been especially strict on cracked paint because they were recently sued and lost.

A HELOC is probably going to be at least 8% right now, so would you be making more than that on your money if you choose to take out a HELOC to fund the work?

If you choose not to owner occupy you'll need to put more money down (like 25% vs 3.5%), so just keep that in mind. 

The property seems to be in good shape and will requirecosmetic rehab.  5/3 house 2600 SQFTWe will need a new AC, Kitchen upgrade, bathroom upgrade, flooring, painting, andcarpet upstairs.  

I feel like having such a low payment and rate make it stupid to choose selling the house, but since I haven't been in this position before, I thought I'd ask here. to d The other consideration you would want to consider is your VA entitlement if you are hoping to buy the next house with a VA loan.

Just be sure to choose a lender offering non-Dutch interest on the rehab funds, meaning you only pay interest on the rehab portion if you actually draw on it.

(Foundation, etc)4) Black mold, asbestos, lead paint, other other costly repairs. 5) It need significant cosmetic repairs where the purchase price just isn't worth it. 6) They may have an odd layout of the rooms. 7) Non-compliant septic.8) Trouble with permits or tenants9) Listing agent has a poor or incorrect listing.

My expertise is property management & I could help you with how to choose the right property management company, but it appears you are planning on self-managing.