The contractor and your inspector are going to be able to help you determine renovation costs, so get quotes and add on 20%.Talk with the RE agent about resale and rental values on the property in current condition and ARV (after renovation value).But the best thing about this scenario is access to the owner!!

I don't know of too many commercial lenders that will accept a 28% operating budget for all expenses, they will probably run their debt-coverage test at their pro forma operating expense numbers instead.

I understand how this law applies to SFR's but I cant seem to find information differentiating between small residential and commercial real estate.

Since it will be my first purchase I would like to start off slow, maybe start with $10,000 to $20,000 down payments for the beginning and then later scale up, and eventually get into commercial real estate multi family properties in the future.

Is 24hr notice legally needed to access  property's front and back yard? 

I buy from neighboring towns he does not invest in and get the properties low enough it makes sense to take the risk on buying without inside access or utility on.If you assume its paint and polish, you will get burned. 

I know it is possible to individually search county records for each properties' county website which I will absolutely do once I am ready to make an offer, however when I am simply browsing properties online without MLS access, I don't think that should be completely necessary just yet.

@Shasky CharlesBlue ocean opportunities in commercial real estate by Cherif Medawar This is an amazing book that is available on Amazon for $2.99 Cherif Medawar is an experienced investor, teacher and a real estate fund manager so he has a lot of experience and his book details some great strategies and concepts - I could not put it down and have recommended to many people who enjoyed it and used its business models

heloc is the best way go its considered as a revolving credit.1. you can pay back the money and access it again2. cheaper interest rateif you did a cash out it would hit you with a bigger mortgage

Just I thought it was awesome but before I sign up has any experienced commercial officer ever closed a deal with them and if so how was the experience?