I would need to have at least the 2% rule as a starting point, AND get it at a significant discount to appraised value. 

I realize the extra cashflow, and I can always make additional principal payments.  

Depending on which one you utilize they will not look at your "DTI" but they will look at your global cash flow in addition to the income and expense of the property.  

Should I just handwrite this into the "Additional Terms" section at the end of the agreement? 

He gets back to me with a "discounted" bid from his internal architect and engineer of $2 sqft to get everything done.

Or do they charge additional fee immediately after you register?

If this price is say $50k and then factor in an additional $15-$20k for rehab with an market value in the $80-$85k range then that's a different story. 

In addition, the property tax rates in the state are some of the lowest around, which makes a big difference. 

And you can always give someone a rent discount for being your "eyes and ears" on the property, but that shouldn't cost more than a couple hundred bucks a month. reserves of $300/unit counted in expensesReasonable, but not an "expense," (i.e., shouldn't affect NOI/value).

Then there is continued education - I just had to complete additional 18 hours of CE.