To accomplish this they may make you tear off all of the int. finish to verify it was built to code. problems as I see them.

Asking price $399,000 - no obvious needs for repair (would need inspection to verify).

The closing attorney knows what the hold-up is, he's just not communicating it to you very well.I would have your agent ask the closing attorney what the specific issue is -- it's most likely either a title issue or the bank initiating the sale process without actually having the foreclosure deed yet -- and based on the specific information, you can make a more informed decision on how to proceed.But long story short, the closing attorney has the info...you just need to get it from him...

We finance the initial buy up to 90% (they need their money to rehab the place).

I haven't done much research into it just yet so I'm not sure if my initial impression will hold up!

You may be able to repair some of this eventually, but again, initially plan for the worst. 4)Tile and other non porous surfaces can be cleaned and sealed.

I'm looking to verify a conservative ARV.

We of course do this because a) you'll be doing rehab so the place will be unoccupied for at least a month after purchase and you'll still have to pay expenses (including utilities initially until a tenant assumes those accounts) and b) once a tenant moves out, it is rare for the place to remain to move-in condition AND you to have immediate replacement tenants ready to move in the next day.

You are being too focused on credit score for one who has prior renting history; in such a case, mid 500 would be OK IF the prior payment to other landlords was always in full and on time (and you are able to verify that).The real problem here is that these two have never shared a place together before.

You need to verify all of the expenses.