Understand about the bank's position and unfortunately at this purchase price it's typically 'first time buyers' with little to no money down.But the thesis you are working on there smells of collusion: bank wants a better ratio or less money in therefore 'works with' the appraiser to lower the purchase price. 

I was a little nervous about it considering buyer was using FHA financing since FHA typically scrutinizes these types of things. 

I was told that GC's typically don't like to come out and give bids on properties that are not even under contract.I'd hate to have a potentially reputable GC come out to walk the property with me and then I don't get the deal and they feel that I wasted their time and that I was just a tire kicker. 

I typically look for 1% and even that could be a stretch sometimes,  especially when looking in more of the suburban areas. 

What are typical terms on an income property? 

I'll be checking the typical Century21s and national banks starting tomorrow, but I know there are private lenders I can find.

Typical guy stuff. 

Choose a tax year accounting periodBusinesses typically figure their taxable income based on a tax year of 12 consecutive months.

Real estate taxes are typically not personal debts... they are liens against real property that follow the property, not the owner.

Typically it's a buy, big rehab and rent.