@Justin Yurong  You mentioned you're near the end of escrow, but typically inspection is usually the first contingency released. 

Chris Turner Realtor said “typically the buyer pays for the appraisal but she did it as a courtesy” and said she would show it to me if I get the property under contract.

Which REI groups / events do you typically participate in?

Higher returns typically come with higher risks.  12% on a rental property will probably be in lower quality neighborhoods, like B- or C, and most savvy investors will sharpen their stick enough to start poking holes in how that 12% shakes out.  

This will put me at approx 26k for normal financing.So I asked him why is the closing cost so high and he responded:Bank fees are approximately three to $4000, transfer tax is 1% of the sales price, and title insurance is typically 1% of the sales price.Does this sound fair?

@Ivan Barratt Curious why 65% instead of the typical 70% rule commonly discussed here?

I am sure there are still many emerging market opps, however the emerging markets generally that I see on BP as stated examples are typically far from emerging and or emerged many decades ago so there is a bit of bogus info out there on this emerging market stuff.

For those investors with 2-4 family homes in the Rochester, NY area, what are typical Cap Ex and Maintenance costs you've seen over the years?

I highly recommend against doing a cash out refi, it's a much riskier and more expensive strategy (and typically you can't pull as much equity) and there's really no need for it.

Typical closing costs are $1500 to $2500 but can be much less if you're buying with cash.