30 yearIf you want the cash flow and plan to add many more properties.15 yearIf you want to have the house paid off in 15 years to reduce leverage and have a higher cash flow. 

But it's understandable and you have to realize that if you buy a property with a bunch of problems, you either have to fix them all right away (which contributes to your capital outlay and reduces your "% rule" amount) or you fix them over a number of years and just consider it part of ongoing maintenance.Real estate is nice and flexible so different people can do things different ways. 

The seller is even willing to reduce the asking price because of this issue.

Some short selling banks actually reduce the commission paid in dual agency situations.  

I do think it helps reduce the amount of tire kicking tenants that apply.How does everyone run their background and credit checks? 

If there is very low activity they either reduce the price, or perform minor rehab in an attempt to move the property - just like anyone would do when they have no choice but to sell a house. 

And since we only buy under value, we can (usually) get them to appraise high enough once the property has seasoned (usually a year) that we can refinance out our entire loan with a bank on the back end and substantially reduce our cost of funds.But with buy and hold (as with most real estate), finding capital is the hardest part.

Frame it that way and you may be able to get them reduce it..... 

Bottom line-they saw I was an investor and back pedaled reducing the appraised value of my property and then reducing their offered loan to 60%.

I take care of all the potential problems as soon as I purchase to reduce unexpected maintenance expense in the future.