Do not discount your gut feelings when meeting with a perspective tenant.  

I feel that disclosing FMV and offering to list it ALONG with offering to buy it at a discount is as open as possible.

If the seller has authority to sell the home and it's underwater, you may be able to pick it up at a discount.

That gives you the opportunity in negotiating those items to be purchased in off peak times at discounted prices.

For me its peace of mind...would you rather spend $550 now and know for sure and possibly get a discount or potentially spend thousands later to fix something you assumed was OK?  

Also, when you live in the remodel, buyer's won't pay full price for the upgrades.Rehab investors reap maximum profits when buying at a deep discount, rehabbing in the shortest time possible, and then selling at maximum market value possible.

And yes, HML's will lend to Canadians, sometimes based on the Can Equifax reports, but they discount it by about 50 points.  

Fortunately, I just got set up with a permanent 20% Home Depot Behr paint discount.  

I have purchased properties with inherited tenants where the previous owner did not do move in inspections (discounted properties don't usually come from the best landlords).  

This would put me in a position to have to sell stocks at a discount / potential loss in order to buy RE at a discount.