The 50% rule is not perfectly accurate, but if your underwriting differs significantly from the 50% rule (which it does in this case), be sure you can justify the discrepancy.  

No and you need to put this on hold and research the condo nuke that's about to hit Florida in the form of new legislation that no longer allows condo boards to defer necessary repairs. 

This is not tax advice, only what I do.

This is like asking does anyone have anything cool to say about pizza. 

Appreciate the detailed information!

I'm currently exploring building in Fannin County.

OK this means he is motivated.

If the score is too low, does anyone have the proper wording to tell the applicant that we can proceed further due to this?

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

How should the security deposit be managed in this transition?