I'm very new to the investing game but I know this is an outstanding deal and I don't want to miss out!

He has been outstanding over the past few years. 

In another city, we are required to apply for and obtain a Certificate of Occupancy for any property which has been vacant for a period longer than 12 or 24 months {I cannot recall which} or if there is an outstanding list of property standards viloations.  

Oh, and BTW, I had to pay the outstanding bills out of the money that we got, so without the reno, they really would have gotten soooo much less because there were extensive medical bills. 

For example, if I can purchase a RE with market value of $200k for $220k, for only closing costs (100% LTV) and it cash flows $400/month that purchase would provide outstanding COC and ROI.

So, for short sales, just offer what you're willing to pay (actually, offer 10% less, so you have some negotiating room when the bank counters).As for private transactions, the more information you have about the seller, the property, any outstanding loans, etc, the better negotiating position you're in.

That's a lender estimate based upon credit reporting which does not factor in recent payments, outstanding fees, escrow balances (or shortages), etc. 

These prepayment penalties did not kick in if you did not exceed 20% of the outstanding loan balance.

He sounds like he would not make a good tenant (he's banking on getting a job in the area but doesn't have it yet) but he brought up an issue we hadn't considered:  outstanding medical debt.  

For example, if a seller owes $150K on a $200K loan and I closed the deal for his equity, there is still $150K outstanding.