2) Mortgages with shorter fixed rate a period than amortization.  5 year fixed with a 15 year amortization is a pretty standard structure for portfolio lenders. 

Of course, you should also be trying to buy the property at below-market value, according to your Minimum Deal Standards.

Lending standards are not as stringent as you might think, some will even underwrite to a sub-600 credit score. 

I feel this is wrong in my thinking as obviously, people don't all have my standards, but man, it makes me not want to own that deal for the short 6 or so months because my probable irrational mind keeps saying, "You wouldn't buy a house in this neighborhood!

Laws, customs, standards of practice vary enough within our own country....going abroad with your money is just a large risk to take if you do not know what you are doing.

It would also help me become better at scheduling, knowing the safety standards, and help with my budgets.

Remember only a portion of that equity is accessible based upon LTV standards.

If the property cash flows up to your standards and you think it's going to be a winner, I would go for it still despite the leak.I would highly doubt the seller will fix this issue if he knows you're going to buy the place within a week.  

And if for some reason the old piece of sheetrock was put back and finish work was sloppy, well it was a poor standard of work that was done anyway and I wouldn't trust it at all for a minute.So here we are with water running out of the ceiling........

Tyler, If you want to save money with windows make sure your windows are standard size, specially if is a low budget project.