My question is, would a down payment at 40% or more be realistic for this type of acquisition? 

They were mostly fix and flippers who worked with tax foreclosures and HOA foreclosuresI have recently been doing research on tax liens and tax deeds, since they seem like the most realistic way for me to started with real estate investing.

And that's just the amount to meet the minimum threshold for itemization, you realistically don't start seeing any benefit until you hit those initial thresholds which is a lot of interest payments. 

He is looking for $290,000 but realistic offer price with the current interest rate and other expenses is closer to $260,000. 

Does this sound realistic?

Does the information provided seem realistic?  

Ensure your goals are realistic yet challenging and serve a relevant purpose.

Realistically, if you paid someone to do a rehab it should all be up to code unless they're pointing out things that weren't touched.

I couldn't realistically imagine getting 5% returns, so I sold.

We're close to the finish line on an out of state BRRRR project; since most of the BRRRR chatter is from people that are thinking about it or people that have something to sell (looking at you, Ohio crew), I'd thought that I'd share a realistic perspective.