Probably would be a good idea to verify rehab estimate with a contractor. 

I can verify a LOT of details, but I am still having a hard time with it. 

Always verify the information that is given to you to make sure it's correct so you're not getting the run-around.

I have not heard from my lender if my position was seasonal.They want to see money coming in during the period leading up to the close.They want to see that your DTI ratio is below the bank's requirement.They normally do this by looking into your tax return and then verifying it with the bank statements leading up to your purchase.You should consult with more banks.There are also banks that do allow HELOC on investment properties - they are rare but they exist.

Sounds like their is more than $1800 in verifiable non-normal wear and tear, so keep the money...do what @Karl B. said...also when he says document, he also means lots of pictures!

You can speak to your RE attorney to verify the contract you find online is assignable and will work for what you are using it for.

There is a reason that a bank requires and verifies your post closing liquidity.

Verify for yourself though.2.

Total down payment was $12,500 and the property needs about $1,000 worth of materials for freshening up which will be done by brother and myself.Property Basics:4 Bed/2 BathGross rents when brother leaves should be $2,800 (Verified with other owners in complex)PITI + HOA is $1870.Electric/Gas/Internet should float between $150-$250.Water in included in HOA.This property will be run as a room by room rental.

Total down payment was $12,500 and the property needs about $1,000 worth of materials for freshening up which will be done by brother and myself.Property Basics:4 Bed/2 BathGross rents when brother leaves should be $2,800 (Verified with other owners in complex)PITI + HOA is $1870.Electric/Gas/Internet should float between $150-$250.Water in included in HOA.