In Michigan, they are strictly in order of filing except for IRS and Government liens which are superior.

I was strictly looking at input for acquiring the business from lender's POV.

I have never paid more than 10,000 and always drive a reliable vehicle on average 6-7 years with only routine maintiance.The subject, new cars, is a item for those not truly concerned with the value of their money.

That's why we intend to keep all of our investments strictly local.

I'm wondering if those are supposed to be capex+maintenance or just strictly capex?

In other words, if the borrower had $300,000 of debts before the short sale (including mortgage, 2nd mortgage, car loans, credit cards, student loans, accrued tax liability, loans from parents or IRA, everything) and only $200,000 of assets (including FMV of home as determined by the short sale contract, equity in vehicles, so-called "sticks and stuff" being the total of all routine personal possessions, and value of retirement accounts) the the borrower is $100,000 under water or insolvent.  

Be strict and then once they're trained you can be kind. 

Are they very strict on their inspection?

If you are looking for a cash out loan with conventional money they have pretty strict rules on how much you can get a loan for during certain time periods. 

If I do the usual move out routine of cleaning, painting, replacing carpet etc., we will be able to easily raise rents by about $200 per month.If we do more of a remodel, i.e., replace cabinets, update bathrooms, new base boards, new upgraded interior doors and maybe reconfigure the interior we could probably raise rents by $400 or more.