Then I will get an estimate from a couple of Contractors and see how their estimates compare.

I am not being harsh just giving you the reality.SOMETIMES if you get an asset manager at the right time and hit it off they will be in a giving mood and share inside information into how that bank thinks and works.

Try and compare comps within a small radius to the subject property staying as close as you can.

We came home and compared notes, typed them up into Word, talked about a plan moving forward, and made some meetings with some people we want to meet with to discuss a few more questions and start mapping out a strategy.

I would compare having an architect do the plan to having a Dentist clean my teeth.

I had to provide some documentation, but minimal compared to actually getting a new loan.

If I can mortage 100%, 14% interest, and still cash flow, using 50% rule, im fine with it. when i started I didnt have money to carry properties for 1 month unrented, guess what, i worked harder, faster, and made it work. kinda wish now a days i had no reserves, although my reserve fund is TINY compared to most, I think if I had NONE I would be at one of my empty recently vandalized properties right now replacing sheetrock as oppose to being on BP!

Im in a hard hit market in Northern CA so properties are still relativly inexpensive compared to what they were 5 years ago.

I'm buying at a significant discount compared to current rental value, and even if rents dropped 50%+, I could cover the payments without raiding my personal bank account.

Ask a couple of property managers and look in the paper and on Craig's List to compare rents.