Banker approved $10,000 remodel draw account.Purple house: Painted the cabinets, fixed a small plumbing leak, moved in a Section 8 Tenant @ $900 a month on the day of closing (advertised the property during the 45 days between contract and closing, had the property inspected and approved by DCA, tenant ready to go).

@Mitchell Chingay lenders asking for copies of the inspection report after repairs have already been negotiated putting my buyer in a position to have lender obligated repairs that they had no leverage to negotiate for. 

They said I could not have an inspection done before signing a contract. 

I’m expecting to receive an inspection report later tonight but based on my conversation with the inspector there are a few concerns including water leaks in a couple of the units.In the purchase agreement, one of the sellers terms was that the property “ is sold as is, and as disclosure condition.

What you buy would have to pass as a livable with all inspection failures fixed before closing.

However, I want to make sure I am protected and he is as well.My questions to you all is I’m thinking on not only getting a home inspection, but I’d like to take the contract that we sign and run it past my lawyer as well, which I plan to do until I feel I I am more comfortable with that piece of the real estate game.

We do yearly inspections on the property before we will allow a tenant to renew the lease to make sure there aren't any large ticket repairs that would cause the value of the property to drop.

Ok next question is related to inspections.

The bank will then do inspections of construction and issue draws of the construction once it is complete.

Most of them do not flip these properties because after paying down payment, closing costs, attorney fee, appraisal/inspection, holding costs, agent commissions, and transfer taxes, most of these deals don't make financial sense unless they hold onto the property for at least 5-10 years.That being said, most of them have done this to house-hack or use the BRRRR Strategy.