But if the house has some upside potential ( cosmetic improvements that you are planning to make ) a lender that you have built a track record with may write the loan.

Seems REALLY low for a house that needs a complete cosmetic makeover plus unknown other issues. 

For example, Tenant pays rent and all utilities and routine maintenance and small repairs. 

The house I am purchasing (closing next week, just received closing docs today) will rent for 900 a month once fixed up (needs general cosmetic work and a good cleaning) and my purchase price is 21,500!!  

Hi All,I have 2 deals for investors out thereI have a client that is looking to see a fixer upper property in Tempe less than a mile from the largest university in the country Arizona State, We have discussed listing the property at 140k its a 4/2 1600sf home with decent sized back yard, most of the items appear to be cosmetic, kitchen, paint, flooring, landscaping ect (you would need to do your own investigating). probably need 35-45k in work, comps in the neighborhood go up to 220-235k if remodeled.I have a home is near downtown phx with nearly an acre of land which is extremely uncommon.

Seller has a home needs cosmetic work and roof , whats my approach after gathering info?

So are walking away.There are a lot of homes selling 'As is, where is', basically for slightly more than the cost of the land itself, and come with various issues from minor cosmetic issues to major structural ones.The reason these caught my eye is because they're selling for 40-50 cents on the dollar compared to 'sound' properties in the area, but are being tenanted at the same rate.

YOur not going to have to evict yourself.. your not going to pay a PM to collect your payment or up charge your routine maintenance..

Doing a cosmetic fixer would be good, but unless you have the knowledge and money to do a gut job don't do that.

What documents do you routinely provide to owners?