And you want to see a transcript from the IRS, not a photocopy of a document that he could have created in Word.For all you know, half of those units could be filled with his own junk and the other half his his relative's junk.Trust, but verify.

After I get a broker to sign my application, and I submit it for my license, how long does it take to get approved?

Document and enforce the late fee.

My questions is do I submit a an offer planning to pay all the fines myself (much lower than the current asking price) or do I submit an offer contingent upon Fannie Mae paying the fines current so that I'm only responsible to pay the ongoing fines until the work is completed with the proper permits. 

Dear Customer:Lender has received an insurance document as referenced above in the name of (ME).Our records indicate this property is in the name of (Ex-Owner).

I left and submitted my offer anyway.

They knew that when they submitted their bills to him (which he would submit to his boss)... they knew they were gonna get paid ASAP. 

After reading the document it sounds like I am obligated to use him no matter what for the property I purchase or I will have to pay a fee.

Utilities not onInoperable heat supplyMissing or insufficient weather-strippingLoose or torn carpetMissing or cracked electrical outlet cover platesCracked or peeling paint on wallsCracked or broken window panesMissing refrigerator kick platesEvidence of roof leaks/pipe leaksDirty stoves, ovens or walls and unkempt perimeter surrounding houseInsufficient bath ventilation and inoperable smoke detectorsLeaking faucets or plumbingNo temperature/pressure relief on water heatersYou screen your own tenants, then you submit the paperwork to have a tenant approved by the Housing Authority.  

My point is make sure you work with a good securities attorney to ensure your documents have all the necessary disclosures and make sure to communicate often with your investors to share your vision, exit strategy and your plan.Investors certainly invest in a project, but really they are investing in someone that they can trust and not only talk the talk, but back it up with action and results.