By that standard they should not buy anything.

Be sure the property condition is up to the market standards.  

They are hard on mobile homes which are generally built to very low standards if older.

Delinquent Taxes can be pulled from Durham County's website data files.  

I'm going to start a thread . . . we'll also put together some kind of depository of documents ASAP.Check out the current (temporary) file sharing thread at:http://forums.biggerpockets.com/viewtopic.php?

If you don't get the security deposit up front, YOU AIN'T GONNA GET IT (that's standard hillbilly talk)!

He won't have any financing issues with you filing foreclosure and stopping him from getting the money for his new place.If he leaves I wouldn't expect to get much back from him, so it would go to auction and you are out all the expenses to file, so why not just get the title given back to you and save the hassles?

The standard formula for rehabs is (ARV * 70%) – repairs = maximum purchase price.This takes into account holding and selling costs.

We worked on several projects for KB Homes, Lennar, Standard Pacific, and smaller players like Brehm Communities.

It does, however, mean that a lot were when refi's and sales were at such a high volume that the lenders were not even looking at the appraisal for the most part.Getting back to the role of the lender -- all lenders are subjecting appraisals to close scrutiny, first applying certain measurements to the basic facts, and then sending it to appraisal review when it does not meet the standards of these new guidelines (and they do not meet them A LOT right now.)It doesn't matter what the realtor feels it is worth or sometimes even what the buyer is willing to pay, unless they have deep pockets to put down a larger down payment to make up the difference they cannot finance -- the lender will have tremendous influence over the value simply because they control the purse strings.