You can certainly find a a builder grade vanity for cheaper than $500 at Home Depot, but you can also spend $2k+ on vanity if you are buying a ultra luxury/custom vanity.Our $500 "allowance" for the vanity is meant to be a starting point of what we think is reasonable for an average grade vanity on a typical mid-grade house flip. 

Distressed homeowners are typically pretty down and depressed already given their situation. 

Typically you would use an application to narrow down the applicants to those that pass your criteria so you are only having the most qualified applicants complete the process on SmartMove.  

Am I going to have a first position lien on the property and you'll pay me essentially a mortgage payment at 10% interest so each month I get principle plus interest?  

AlabamaEffective Property Tax Rate (2019): 0.37%4Typical Home Value (2022): $189,9766Annual Taxes on Home Priced at State Typical Value: $702.9

@Ferria CunninghamIt is my understanding these loans have no payments but typically followMuch more strict LTV’s, so they would not allow a borrower to exceed / go over 100% ltv

I typically buy a house for 40k put 20k into its and appraises for 110k and rents for $1,100 per month.

I go in on these with an entire investment club of other sharp investors, and we vet the deals together and invest with $5K instead of the typical $50-100K.

These typically are not reported to credit bureaus and also do not affect your debt to income ratio which frees up your credit for personal loans that you may need in the future as well as does not limit you to the amount of loans that you can have as a buy and hold investor. 

Not much difference in rate, so typically best to include the reno.