It could likely give you a bad taste for doing future deals.

So you are essentially looking at 1500 a unit for a 3bd- 1200 a year for insurance seems low, to be honest- unless you got a quote for this prop 2160 a year seems low for taxes 1200 for lawn/snow a year is high... this winter was bad, and it also depends on if you have a driveway etc or just street parking Closing costs- you can get a good faith estimate from your lender- they may be a bit higher Also, you want to consider if you would be inheriting tenants.. or if they are way below market rent, 

And my credit is terrible due to some bad times where I had lost my job suddenly, so right now I'm in credit rehab mode (or at least not making it worse since I have a new job and things are back on track).Mortgage balance is about 130K.

Are bad sewer lines a problem for the area and property age? 

Roof leaks: Bad roofing job and poor flashingIce damns: Poor insulation/ventilationThere are other reasons for mold in a house, but the most important part is to get rid of it permanently.

I have no problem with him getting a commission on deals that he brings, but it seems like a bad idea to me to sign this agreement.

They systematize there lending and if you don't fit the mold, you may get bad info.  3) shop around to get multiple opinions and options, 4) be aggressively engaged and don't accept the first second or third answers you're given and always always do your own research to fact check (google and BP can answer anything).   

I do not have a CCIM credential but I have a MBA from Ivy League school and few CCIMs gave me bad service.

There's a saying that goes something like this: "If you have a great deal with a bad sponsor you'll have a lot of problems but if you have a great sponsor with a deal that goes bad you'll probably still be OK". 

Any thoughts you might have from past experience - Good or Bad.