It's time consuming calling each one and waiting for them to get back to me.

As a newbie to rehabbing you will:underestimate rehab cost, so even that $30K number is likely lowunderestimate the holding time, increasing your holding costs, andoverestimate the ARV, so even the $250K number is likely high.This looks to me like an almost guaranteed money loser. 

But it sounds to me that as long as you are not more than 12 days into the contract, you can simply tell them you're not happy with the condition of the property and cancel the contract.

To me that extra step is worth not having a balloon payment and slightly higher rate.Now with joint ventures, properties that are 5+ units, or it is short term financing I look at hard money, private loans, commercial financing, etc.

I'm not trying to be rude, just curious as to your method as it doesn't make sense to me.

They said they have been dealing with the issue since January and just now reaching out to me (two weeks ago). 

Also, thanks for reaching out to me directly through messaging.

Hello Everyone,I am in the process of putting together my first residential real estate deal and ran into a problem when I talked to me lender.

Need any other advise get back to me.

Not too much would make a big difference to me until I work with him really.