But if not and there isn't anything noticeably wrong upon inspection, it's probably still priced too high. 

I do plumbing inspections on the way in, along with full home inspections, and sometimes we do a pre-sale home inspection on the way out before the sale and we offer that as part of the listing package.

But it looks like we might have to accept that rates will be much closer to 7%. 

Usually, when I buy a duplex around that price range in Cleveland it's closer to $500 a unit annually or $1,000 a year.

Do they schedule the inspections ahead of time or just show up randomly and unannounced?

Most of it will be DIY with inspections to make sure it's to code.

He inspected and gave me some ideas.

The home inspection really shouldn't have anything to do with the interest rate on such a loan.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

I’m sure I can invest somewhat closer to me but it’s very pricey I’m in NJ.