The seller has already provided soft copies of the 1040 to the bank but with social security numbers and other personal information blurred out.The question is... why does the bank need the sellers 1040 from IRS?

I occasionally have free time at work and use google maps to "drive" around the particular areas I'm interested in and find potential properties there.

@Calvin LipscombWe typically allow an hour for each unit - some of that time will be spent on common areas and the exterior - occasionally more.  

I am in the process of closing on a primary residence through conventional financing.I have a unsecured line of credit, that i occasionally move money into my main checking account, when I pay contractors for work on rentals etc. 

That is fine if you are flipping because that is the proper treatment there, but it is a major problem is you eventually also have rentals that you occasionally sell (you also cannot 1031 inventory, so dealer status is also problematic there). 

Occasional reader of BP finally deciding to join after my last project.

While experienced investors have occasionally found the 'diamond in the rough', it takes a lot of looking, knowing where to look, having extensive contacts (of the right kind), and the knowledge and experience to recognize the real deal.  

I follow them on social media etc so I can monitor their world with an occasional comment etc but don't attend their events, Birthdays etc.

I see these kinds of properties occasionally.

We also look at doing occasional flips or building houses from ground up.