Without the whole story and all the dirty details we can't know why the tenant even thinks this.I take it from the info relayed that the sewage issue is still on going.

Hi,  I have a problem I think I've solved but I lack the experience to work out all the details.

The wholesaler won’t give me the address without POF, but I can’t my my hard money guy to give me POF without an address.

Speak with your lawyer to get more details.  

After D4D (or in my case my bird dogs are bringing me addresses...

Reserve studies are expensive so the fact that they are foregoing the study until 2019 is ok in my opinion.The move from 56% to 27% sounds reasonable as I'm guessing paid for a larger project, but you'll want to pay attention to what the study says needs to be addressed and if the condo will have a shortfall.   

I'd like to dig deeper into why the naysayers are opposed, and what details you supporters specifically refer to. 

Here are the details I have now: Purchase price $100,000 15% down $15,000Improvements $15,00020% down $3,000Your total loan amount is to not exceed $97,000.

Just PM me for details. 

Details in MLSUnits: 6Taxes: $5874 (annual)Gross Income: $48,600 ($675 per month)Net Operating Income $38,838Total Expenses: $9762Vacancy Rate: 5%Asking Price: $449KOwner pays Trash & Water______________________________________________________________Based on the expenses I am assuming that the property management is completed by the owner and that they are including ~$4K a year in insurance.I ran the numbers in my own Deal Analyzer and I added:5% of Effective Gross Income as Maintenance Expense 10% of Effective Gross Income as Property Management ExpenseBumped the vacancy rate from 5% to 10%Insurance: $3000 (annual $500 per door)Water: $3240 ($45 per door - typical in city)Trash: $1,800 ($25 per door - complete guess)$12K for improvements ($2k per door)20 year note @ 5% with 20% down (assuming full asking price)2% Closing costs______________________________________________________________My numbers show a Cap Rate of 5.7%, cash on cash return of -5.12% and -$1,668 of annual cash flow.