Vinyl and one dollar square foot carpet will be your best friend!

This is a big red flag and unless you have a straight forward way to dramatically decrease this expense ratio (and convince investors on your direction to decrease this), I would stay away. 

On the other hand, the judge is a homeowner and he's going to know, yes, probably off the top of his head, that if you really wanted to do the absolute cheapest possible vinyl floor fix it would be DIY peel-and-stick 12-inch vinyl tile at Walmart at about $12 per 10 square feet.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

One thing that is certain though, in today's red hot market where properties are still selling at the level they are currently, anything that won't require lots of work or has already great leases will be greatly sought after. 

I went to the city and they said that I can do it and even add square footage. 

Hello PallaviI had a similar situation where I was the listing agent and I put the wrong square footage on the house.  

I hate to tell you this but there a lot of red flags for a lender in your situation. 

My biggest red flag is instead of providing a scope of work,  the "I'll do it ALL for $XX,XXX!"  

Red flags they look for: Inspection periods that match the closing dateWeasel clauses that give you a right to cancel up to date of closing without a bonafide reason.Not having earnest money in the game especially when combined with one of the above  Unilateral right to extend or do something without both parties agreeing to the change.Placing liens on properties without the intention of closing and not removing the lien if the contract is cancelled.This last item was one of the reasons the Commission has gone so hard after the "Wholesaler" from Florida.