I have only run some preliminaries and I expect the monthly cash flow to exceed $6k. 

The industry is so ripe for discussion with all of its: negative stigma, tenants/toilets/trash, fee-drivenness, landlord friendly, investor driven, technologically evolving and legislatively active...environment.There's the historic landlord and agent PM legal agency relationship with a traditional scope of service, duties/responsibilities between LL&T, evolving retail/consumer trends/expectations, etc.

The good news is that the criminals you are concerned about usually have other indicators they won't be a good tenant, and you can review those without discriminating.Criminal background checks aren't just disappearing in Portland and Seattle- expect it to be a national trend. 

So my question is what might I expect for an offer.  

But a new tenant will expect non-trashed floors, so you'll be replacing those out of pocket.

Nobody is expecting much from borrowers on these loans. if your finances are run properly, you provide all stips quick and clean, and you know what you're doing, then you're in the best possible position. the lender will order an appraisal. if you buy one, they won't use it

Expect the property to come up for sale soon on the auction sites and/or MLS

The budget has 10% management fee which is expected but then there’s a separate line item for site manager payroll at 5k.

For example, if someone buys at a pre-construction price expecting to sell at market price when the property is built, and in the interim, the market goes down, the speculator may have to sell at a loss.

Risks of unforeseen issues with a flip leading to a hike in the budget and the investor do not meet your expectations during the project, leaving you to do most of the work 3.)