(Seller needs the equity out asap, so seller-financing is out)As for the deal itself:       Located a few towns over from me (but not far enough where management would be a hassle), right near the better part of the borough, near the middle school, very close to stores & very close to where new construction is being planned & the area is on an upswing.2 - 2 bedrooms (1150-1200/each)4 - 1 bedrooms (850-900/each)Going inside it this week, but from my walks around the outside, I'm ballparking about 100k in renoSeller asking for 200kTaxes as-is about 6500Seller states all zoning approvals & site-planning have been completed, only thing left to do is pull permits and put nails to woodAs of right now, my immediate plan would be to sit down w/ the commercial people at my lender's, assess my standing, and start all the other due diligence common with a typical, residential purchase.

We're all just guessing at numbers (folks probably have it pretty much nailed) but it's always a good idea to post numbers if you'd like help with analysis. 

@Ramsey Blankenship, I think you hit the nail on the head: (previous) "property condition".Its new appraisal should be GOOD - for the same reason: (updated) property condition!...

Check back with me in a week or so, as we should have the property nailed down in the relatively near future. 

It has a decent cash-flow, but far less compared to the equity locked in that home when seen from mid-west or Florida kind of locationsI am still trying to refine my strategy as I get ready to make my next investment move by end of this year and hope to nail it through interaction with experts in this forum.

I think you nailed it on the head already... differs from lender to lender for sure... my experience has been that it needs to be 12 months of rental income on your tax return so it would depend on what month you start renting it.

The local bank I've called thus far, of which Im a member, has all only offered me a 5 year ARM 2% cap each year, 6% cap on the life of the loan, starting at 4.5%.

As I understand, the "click" versions are not nailed to a subfloor, but tongue-and-groove glued together designed more for DIY. 

He nailed it. 

Ask him if he had found any major problems that he took pictures of, if there are only minor things, cracked glass, cracked tile nail holes etc. don't even bother, if something major then it be be good to have to document and use for negotiation.