Below is my understanding but recommend confirming all of this with an attorney.Lease Terms and Updates: In Wisconsin, you can add clauses to the lease that spell out cleanliness expectations or even include a cleaning service if needed.

(Say 60% LTV) Do you have enough reserves to go after the collection of this debt if they stop paying?

The only defense is saving, reserves, and insurance. 

@Bob Stevensfor sure, just wanted to confirm. 

You need to figure in vacant, reserves, and god knows what else.

From there the lender will send someone out to confirm that 10k of work has been done (using your provided rehab budget for reference) and then send you funds accordingly.

I recommend you confirm that with someone else other than your agent.Food for thought…Insurance related: I’m currently replacing a roof on a house I own, not because the roof is “bad” but because it isn’t possible for the next buyer to get insurance with such an old roof (barrel tile, which lasts longer than the 30 years that insurance companies require).  

Account ClosedI think you helped me confirm buying @35K + 40K would get me to less that 70%LTV @120KARV.Im suspecting 4-6 month turn because funding.on a 580 per month note the project would be about 46k-50k all in. 

Quote from @Jay Thomas: @John Clark already did but the lien will fall off during forclusure.Once the foreclosure has gone through and the sale confirmed, you should be able to get the money back from the seller’s agent because the contract will be impossible to perform.

It's obviously more important to have more conservative cash reserves when your property is not cash flowing.