@Jay Hinrichs in my experience they do give a range, but depending on the stage the property is in, meaning if the rehab is done, they may already be marketing it for rent, in which case they would have chosen a specific number from that range.  

In my experience with guests remaking the bed, they're never making it as neatly as my housekeeper (probably not tucking sheets in under the mattress, arranging pillows the same way, etc) so while at a glance it might look the same, closer examination will probably reveal if it's been used.  

One can buy a condo with entry points around $67K for a studio which probably hasn’t broken grounds yet or in its very early stages of building.  

@Brandon TurnerI think it depends on what stage of investing you are at and what your future goals are...I've read that people use the cash flow all the ways mentioned in your original post. 

Also, proof of funds should be the last stage when you have already negotiated the price based on the pre-approval. 

I'm still in the early stages of seeking out deals in my local area, driving for dollars, direct mail marketing, etc.

You need someone who knows the area, can take a look at the property, arrange inspections, etc.I work with several contractors who have experience with total rehabs.

It appears we are both in a very similar stage of starting syndicate and partnerships.

Also known as: Health Reimbursement Account (HRA)Health Reimbursement Arrangement (HRA)Health Reimbursement Plan (HRP)Medical Reimbursement Plan (MRP)Medical Reimbursement Account (MRA)Section 105 PlanMain idea (if I understand correctly) is the company sets up this MERP and covers the employee medical expenses, thus moving medical expenses from a personal expense into a deductible business expense. 

@Stacie Elizabeth There was never a condo market in Merion Village...you guys are in the experimental stages here...if your condos sell, they will be #3 and #4 in the last year...the two that have sold are of comparable finishes, but they are further north (priced lower as well)...you are on the Hungarian Village border and things get risky quickly...you're looking for a very special risk tolerant buyer...and they are focused in other areas right now...as Parsons redevelops things will change...you're just early in the game here in a location with no track record.