Price: $1.2MOffer: $900kI had my agent call to see if the seller would accept this price because it's been on the market for a year.The seller's agent said the owner had rejected a $1M offer in the past, but it's been awhile so maybe and asked for a formal offer with proof of funds and pre-approval.Why?

You have the burden of proof that they knew about these issues and that the inspector was negligent.

OR requiring proof from them that they've put them in their name to get the keys for MoveIn.Water can be a challenge as some cities keep it in the owner's name only.

I have been in financing for 35 years and am living proof of what I am stating, plus have coached and assisted folks all over the country on the concept, to the tune of several billion dollars of loans. 

My accountant said as long as I keep all receipts for proof the money was used for renovations then it would be fine.I'm also wondering can I put 20% down and put the remaining funds into a new bank account that is separate from my personal accounts.

Proof of what the seller cares about exists in every transaction where the seller provides a concession to assist their buyers with their closing costs.Example 1, the Old way:Buyer offers $100k, seller pays 6%, seller nets $94k.

One of the largest competencies of REI is scalability through other people's time (OPT), often times carried out through PMs.If your goal is to own a smaller portfolio, then perhaps doing your own property management makes sense.If you want to acquire medium to large scale apartment buildings, then you probably won't even get a loan from a commercial bank without proof of using a PM with a solid reputation.

Off of the purchase contract, I would verify proof of funds, ask for prequalification letter from a lender if buyer is receiving a loan, with a good faith deposit.

Be prepared to provide alternative proof of income if you don’t yet have the required tax returns.

They've since changed the proof from 86 to 90, so it is a little stronger than I like, but still really tasty.