There are many investors who have experienced challenges with 3rd party management (and unapproved concessions are unacceptable).Now the tough love part...it's going to be difficult to make a profit with a $500-600/mth rental purchased for $55K (and impossible with 3rd party management...have to factor in extra vacancy and higher repair cost). 

I guess the credit inquiry part of their score is not weighted as heavily as other factors so it doesn't matter?

A strategy to consider is pay renovation bills out of savings and depend on a HELOC for emergencies.There is a "once in a lifetime" risk factor to consider.

I've been in real estate for 2 years now and I still haven't closed on a deal.I think its mostly because I'm doing it part-time and procrastination has been a big factor even though I recognize it :(So I was curious to know, how long did it take you to close on your FIRST deal (wholesale or rehab).

I'm sure these factors are taken into consideration but not sure how much weight this will hold.

Everything else has to be refreshed : Floors (carpeted, heavily spoiled and cat urine odor) Ceilings dry-wallWalls dry-wallElectrical is out of date (knot and tube all over, electrical panel needs replacement) Risks: Sanitization (cat urine smell, potential for pest problems)Structural integrity not checked (unable to check in a timely fashion due to deadline)Evidence of water damage on main floor ceiling, extent of damages unknownNo smell of mold in basement but knowing the city history of flooding, this is uncertainPlumbing looks recent but it was hard to be absolutely sure of this assertionThe reason I decided against in the end : too many unknowns.

So location will be a major factor in determining the potential strategy for the park.  

There are other factors that go into establishing these entities, so it's important to get the full picture for any solid recommendations.

Since the property was vacant for a portion of this time, the tax rate was multiplied by a factor of 10 ( as per DC vacant property tax regulation ) which explains the cost of the tax lien.

So really I didn't negotiate at all because I thought the numbers worked for me and time was a factor.