It is typical, but my guess is that they want to be sure you have no "undesirable" criminal offenses; selling drugs, murder and the like, and also to be sure that you can afford the regular HOA fees.  

Good deals are going within 1 day and even regular homes that are upgraded decently are on the market for less than 2 weeks. 

These conditions can be observed by regular visits.If there is concern, talk to plumbers, contractors, etc. to let you know what they see when they visit. 

About 80% of the transactions I'm involved with are regular listings.  

Many don't -- and most multi-family projects in most states require an architect's / engineers stamp -- so architects are getting regularly involved.It should also be understood that when working with an architect, developers typically pay the architect for very specific, very partial services on a sort of a la carte basis only.   

An identical, moderately renovated property nearby is renting at $1550 for 2br and $1150 for 1br.

But yes, what is the benefit of a HELOC as opposed to just the regular home equity loan for investment purposes?

I use the selling guide on a regular basis to research current or prospective purchases.It might be helpful in clarifying a few points that may contribute to your general misunderstanding.

My husband does appliance/plumbing/boiler/electrical repairs, turns apartments, does inspections, deals with contractors, and troubleshoots on a regular basis.

But I told him it happens in the Hood's of America fairly regularly.