I remember when 65% of as-is value + rehab was pretty normal for HMLs.

Perhaps something of the next normal for real estate.

Normally, we hold open houses to rent, and it goes quickly, usually only one open house.

If the place you are buying is normally like $50-75k, then odds are even in a depressed market (if it is that) right now you won't see a major price drop.

While it is easier for me to do this since it's my normal day job, these codes are written fairly simply.

They will deduct normal wear and tear but honor lost rent and vandalism don't do anything till an adjuster has walked through the unit.

i pulled the trigger and closed on the 23rd on a 4 unit.. it was my birthday present to my self. the way i look at it is if you have reserves set up and you find a good deal go for it. best time to buy is always now. markets go up and down for all we know this will pass in 2 weeks or last for ever. it helps that when you close you normally have a month or 2 before your first payment is due.

Normally appraisals come in a little above purchase price surprisingly!

I worded that way because my understanding is that if worded as 1st, last and security, It could be perceived in court that was the person was a tenant, making me responsible for repairs or other things that a normal landlord/tenant relationship would entail.  

Is it normal for commercial lenders, particular alternative funding firms, to require a non refundable deposit for appraisals, inspections and multi phase studies?