My partner says at this point we should run the comps, get an estimate, and email the seller an intent to buy, and see if he accepts.

I am friends with multiple attorneys, my neighbor is an escrow officer (who did our personal home's refi at rock bottom costs), we have a terrific realtor, and my father owns a major home inspection company (www.homecert.com <--hopefully posting links is acceptable).

Usually the process goes something like: 1) Buyer completes an Offer to Purchase form and sends it to the Seller's agent with an Earnest Money Check; 2) Seller can reject the offer, counter the offer (meaning change some of the terms in the buyer's original offer), or accept the offer by signing the contract 3) The seller's agent then communicates the rejection, counter or acceptance to the buyer (or the buyer's agent).

How can I get the bank to accept an offer in the 350K range?

i wouldn't know if it bounced until a few days later. can i refuse the check and say i will only accept m.o.?

We all find that to be acceptable.

The inspection upon accepted offer is fairly common in the larger properties.All you can do is submit your offer based on a drive by and what the owner tells you.

If the wife comes in with a 10% interest and the husband comes in with a 17% will the lender feel that this is just a way to skirt their policy, or will this be acceptable in your opinion.

However, I heard that lenders require proof of funds...so not sure if a loan for closing costs would be acceptable?

So to accept a cap rate of 7% I need to obtain capital at 4% or lower.I know this isn't precise but I hope it provides some help.Good Luck.Bill