I did not actually see those properties so I don't now good of a deal those were but I did check out a nice house that would easily fetch close to $600,000 in the open market, that sold for $440,000.This is a tendency I have seen already so I am now working in pooling money to have access to the bigger, better deals. 

I will say though, if you take a look objectively you might easily find a way to adjust the floor plan with just adding a wall or door.

The one that should easily get a bankaccount couldn't.

Banking on one buyer to purchase a property at $400,000 above the estimated ARV can easily go sideways.

Hi Robin,On Many contracts the print is so crowded and sometimes in such a tiny font that it Is not easily read. 

Given the size of this place, remediation could easily run over $100K, which I am sure you would not want to be responsible for.

Usually, lender review the internal photos as well to ensure it can be easily converted back to residential use easily as well.  

Since your goal is to flip, I would look into short term financing since you will be able to easily finance 100% of the repairs.

If you want to start looking into out-of-state investing, make sure to work with a realtor who can easily plug you in with their systems and network of GCs, PMs, lenders, etc.

I would also remind the upstairs tenant of the property and how it's situated and you can hear noise easily, and can't control when people are on the phone.