Why do off market properties require a good amount of renovation?

What the city told you was most likely true, but you can always ask for a variance if you think that some of the requirements are already in place.But most likely the required new inspections are necessary because it's a new dwelling and the old utilities must be up to new codes.....Just my guess.....

They typically require 20-25% down so it sounds like you're good there. 

@Hans Baum Seller can potentially lose that portion entirely if new buyer goes into foreclosure or short sale, so most who will even consider an assumption usually require a buyer who can go through proper VA assumption process and substitute their entitlement.

A bank can't extort a tacked-on higher interest rate if a borrower won't agree to new terms...terms that would now require unnecessary documentation and hassle.Here's excerpts from their letter to commercial customers I got last week, on company letterhead.

Remember, real estate investing requires patience, perseverance, and continuous learning.

We send a rent raise letter within the 60 day window required by ours.

I do not have the level Of patience required to enjoy owning an investment that I have to supplement for years.  

By way of example most AIA contracts will require ADR which may not necessarily be advantagous for the property owner depending on the venue and make up of prospective juries.

There are price and debt requirements, as well.