It certainly sounds like I should check in with the insurer to verify if they have a per-property minimum.Thanks again all!

I know I’m missing some critical info such as cost of funding, verifiable expenses, verified rent rolls, etc.

Once all paper work is in and is good they will inspect the unit to verify it meets the HUD standards.  

They are weighing out their options between listing as-is, getting a rehab first or selling off-market as-is.Still need to verify the information below once I view the properties but here is what I have so far:3 Bed and 2 or 1.5 Baths1425 sqftRents would be approx. $1,250 - $1,500 (depending on level of finishes)Cosmetic Light/Average Rehab of $15,000 - $25,000No major repairs neededARV right around $150,00- 155,000HOA $30/monthProperty Taxes approximately $2,500 - $3,000 annuallyI'm looking to find out what all-in price including rehab/closing costs an investor would be willing to pay for these. 

Additionally, if you were going to lend out hundreds of thousands of dollar from your personal bank account, would you really give it out without verifying that someone is going to repay you?

@Justin Voegele verify your local laws.

A few things weren't done: windows were supposed to be caulked, the front hand rail was supposed to be secured so it didn't wobble, the two vacant rentals were not broom ready and were a gross mess, etc.I was ignorant to the fact that I needed to verify repairs were completed properly prior to closing.

You pay $2500 to verify a septic that would cost $5000 to fully replace is fine. 

Verify that the 12k you think you need to spend, you really need to spend.I way overestimated what I needed to do to get my first rental move-in ready.Also, why so fast to use a cash out refinance?

Soft guess would put you around 12 percent and 2 points on a verified ARV deal right for a first-time flipper.