But sure, check out the neighborhood, and comps.It seems ironic to me that if you can get it appraised for more than $50k, Lenders will fall over themselves to let you Borrow from them - for the same house!

So, if your scenario actually came to fruition, it would be because of an attorney and, to use an attorney as you suggest to protect one from the actions of attorney seems ironic and poignant.

Ironically, I have identified Winston Salem as a great market as you have done so as well.  

The only major issue I see is that he has had many major expenses last year due to a plumbing issue from the cast iron pipes that caused one unit to be down for a very long time and did cost a lot of money to fix.

I have collected all of that data above during the evaluation of the deal but did not think of presenting it to the lender in that fashion, I will definitely do that.As we are still ironing out the details with the seller and the deal is not yet under contract, I opted to just go with a general question to a guy who was my closing agent on my primary residence last month.Just to reiterate however, will the bank let me pocket 10k of their loan if the LTV is great?

@Shaun Reilly I will definitely keep you posted on my travel dates once I get them ironed out.

Hardest project to date was an Iron and wood stair railing...never again.

Certainly a POF from a legit HML like  Lima  lendingone  Lending home  out our way Conventus  Iron bridge to name just a few is fine... however having been a HML and having given many of these out..

Ironically the market has performed very well in spite of oil although the higher end for Houston ($350k and above) has slowed substantially. 

@Lawrence Gillett Great comments here, ironically real estate can be one of the key vulnerabilities of this type of business.