Experienced investors know sellers don't allow every random person off the street to just come and review tenants information and walk through their units....Edited to add.

It doesn’t make a lot of sense to me to just randomly throw 10k at one of these loans.

I’m talking like random capitalizing that won’t go away even when deleting the text.

It's also not easy to find some random forms online for these kinds of projects.

Then we get an equally good replacement person, and the group doesn't terminate or explode at random times, nor do they want until the 12 month lease is up and then terminate or explode which seems like the usual American profit-generating situation for property managers. 

@Joe Splitrock, okay, if you're so sure of your view is right, then let's email 10 random lenders and get their responses, you can pick the lenders.Send me a PM and we'll both be on an email with the question sent to 10 lenders and we can report our findings here on the thread.  

Since you put it in, I would let it ride and then work it out.Just my random thoughts without any real knowledge of the whole situation.

@Aisha Mackey Delpratt i saw your post i know its very old but theres a HUD list you can look up your area and see what lenders have closed 203k loans in the last 12 months... so you know who's recently done it and might be more helpful than picking random lenders. https://apps.hud.gov/pub/chums/f17fvc/203k.cfmyou look up your closest metro area and can see the list of lenders!

Is it just picking random houses and plugging in the numbers into the BP calculators?

The properties are "better" by various metrics relative to properties in California, but they are in completely random, less than ideal areas, which highlights the lack of insight the investor has in the area.The most successful investors I work with have partnered with true, local expert Realtor partners that have a very high awareness of the local market but that also understand investing.