Lima does compete with Black Rock and 3 others that do similar business  but they are not the most cost effective.As for the numbers...You buy a house for  100K with hardmoney in Tacoma .....maybe you put 20K down so you owe 80K to a ((SHORT TERM 12 month)) hard money lender as  all the windows are busted and it is a mess and at that point only worth the 100K you paid.....but in a great neighborhood of 200K homes.You spend 30K on the Repairs......If you hold it 90 days....and you are now in title ....After you fix it ...It is then re-appraised........once it all pretty and has a tenant in ....for a new fixed 30 year loan based on it FINISHED A.R.V. value...Your new REFINANCE  loan is based on 75=80% of the  ARV finished value.....which I hope is about now worth 160,000 - 170,000.ooSo 75% of the  new160,000  = $120,000 new loan amount.....which pays off your hard money loan of 80K and the 30,ooo repairs your put in ,....and almost all your down payment.You have now recovered all your costs in  place....and have a fixed loan covered by the rents...Wash Spin Rinse Repeat.....As for the Rates..we are both a FNMA lender and commercial lender....so these are accurate..1) FNMA owns 80% of all residential mortgage paper in this country and 30 year fixed - Full Doc loans at 3.75% to 4.25% => Credit Union and Residential A paper lenders VA -FHA -USDA etc2) Commercial loans - 30 year am 5,7, or 10 year term = full doc loans price with good credit price at 4.375% - 5.5% ==> Think community banks and big 5  - WFC  - BOA - Chase etc and local Portfolio S+L's and some Commercial Credit Unions....3) Stated Income Hedge funds....30 year fixed - No Doc  or  Low Doc with Great Scores ===>  loans price at 5.75%  - 7.5% ...think Black Rock, Velocity,  Lima,  RNC and others4) Hard Money = short term to 3 years....prices at 8% - 10% There are no hedge funds or finance companies like Velocity or Lima or RNC or  Blackrock that will make you a  loan < under 6% as they need the 300 basis point spread over the 10 year commercial swap rate to cover their cost of funds...regardless of L.T.V.I get wholesale rate sheets from some 30 lenders a day/week....and that is the risk/reward spread.Hope that helps explain the process and the tiers of lenders...

You can get by with really cheap PVA primer from the big box stores, the coat does not have to be perfect, but if you don't use it, paint won't look the same on the drywall mud vs paper surface. 

Now I understand everyone wants to make a buck but $7500 for a property that they don't even hold the contract to , well in my opinion there needs to be a bit more regulation on wholesalers.

Both need a little work but the large unit is currently rented.After the papers were signed we realized we didn't ask enough questions about the current tenant.  

You can generally use this for most of the major parts of a house, but without walking it you'd find that on paper hardly anything would work out because you'd be so high on your rehab that there'd be no room for profit - and that happens on the walk through on occasion.

If you're talking FHA 203k, or Fannie Mae HomeReady, or anything that is a re-branded version of either of those (if your rate is below 5% and 30YF, good chance it's just a mortgage product rebrand), then the bid in front if you is NOT in fact the "best" bid, because this contractor is not Reno Financing Friendly, making the bid essentially toilet paper. 

There is a property that otherwise "looks good to me on paper" for a portion of my exchange.

paper work signed and dated by three parties is key

I use it mostly to put ideas to "paper" when I'm thinking about changing the layout of something I buy. 

Do not compound your problems here by "hoping for the best" and getting a piece of paper from her this weekend and assuming all is well.