This would seem to be the case on many recent purchases, but if the depreciation exceeds the cash flow I question if you have any actual cash flow.  

That is illegal and may actually be criminal under state and federal law.

The drawings can go back and forth but the rater needs to be local to the property because in the end he will have to go verify what came out of the build and prepare a reconciliation showing the actual performance numbers post construction. 

How much cash do you actually need? 

I actually just finished this book on Audible and need an access code for the bonus.

Federal Regulators HATE smaller real estate investors for some reason and really come down hard on banks for funding their deals.

Actually, I just decided to go with Energy Star because it's a bit easier and more well known.

Hey, another reason to raise rent.

Also, if it's in an HOA, you need to find out the dues so that they don't put a lien for nonpayment. the risk in a situation like this is the lot is not buildable for various reasons and the owners just let it go to tax's.. the time to find all this out what before you bid.  

Remedial Action must be started within 24 or 72 hours depending on the situation and repairs must be completed within a reasonable period of time.    5.