It seems to good to be true.

@Sahil Parmar the 1-2% rent rule in CA hasn't been true for quite some time, I help investors in CA and TX and you will still find the 1% in some rural areas (definitely more so in TX than CA) but that will be hard. 

A house built in 1940 wasn't made from the same materials and techniques as a house built last year.

Many think it’s just the influx of California buyers entering the market which is partially true, but we also have firms out of Toronto, New York, Arizona and even as far as London looking at San Antonio as a location they want a stake in.

I've never gone through this process and it seems a little too good to be true scenario.

The market is hot and its true some people will pay a little more but being more conservative will mean you have some room if you made a mistake on a repair cost.

As for Eric James' statement.. it is true, there is much I still have to learn ..as I mentioned I'm a rookie.. but also as mentioned, I'm on my second deal and I've listened to so many interviews on the BiggerPockets podcast with successful Real Estate Investors. 

It was my first true investment property purchase.

It was my first true investment property purchase.

Your PM should also have gotten them to sign the form that says they can't pay due to covid (even though it isn't true)-I believe the form mentions that lost work due to covid is the only reason you can't pay and reminds them that to lie on the form is perjury.