All of your earnest money should come back to you if you want to walk away.The appraisal may or may not pick up the same issues.

Hi guys hope you all well and growing your business.I usually buy single faimily homes from the auction at low price since they need tons of rehabs (the ones I pick), Im trying to implememt the BRRRR strategy, contacted couple of banks the problem is since Im trying to refi in less than a year they would give up to 70% of the purchase price and no apprisal at this stage (onw bank offered 3 months delayed purchase I think thats whats called but not sure).The problem Im having is they depend on the purchase price which is low as compared to the ARV and wont send appraisal till 1 year and I neither have lots of cash to keep in one or two deals and wait for one year nor do hard money.Trying to refi as soon as Im done with the rehab if possible which most of the time takes me 1 month max on average size house.Any recommendations would be appriciated.Wish you all the best of luck. 

I drove by there 4 to 5 times, tried to convince myself to purchase it, but still don't have the brave to buy it due to the unknown class of tenants.  

I’ve located a few good deals and wonder what the most efficient strategy is for picking my first.

The apartment in question is a C+ grade building.If you're running higher class apartments, I'd say you should put something up.

Network and learn as much as you can from others, educate yourself, select a market, pick the niche where you want to play, and go for it.

Are you looking for someone to provide drawings or just help you pick out finishes?

Have the son pick an account that doesn't have a bunch of hard to explain large deposits going in, and make payments from that account and only that account.If you don't want to wait that 12 months, note that jobs aren't the only form of mortgage qualifying income.

If the owner, completes the steps in the redemption process, they can get the property back....Seek legal though to be on the safe side and Denise Evans in a well-respected pro and offers a class.

And I would recommend reading your local tenant-landlord law and/or taking a class, especially if you are going to self manage.