This is very common and everyone involved should understand.If it appraises for less than $180K, the loan and down payment will be based on the lower amount.

I'm sure if I didn't want to be as involved, they'd be happier with that.

Thanks for jumping in and please don't be shy about getting involved in the discussion here on BP.

I found it odd.

If the guy out of the company is needed as the construction guy or any needed element for the business, contract the service prior to the loan so that his abilities are considered in the deal without involving him with the lender

That'll get you going well on your way.Otherwise, please consider uploading a profile pic so we can better connect with you as you get more involved here.See you around!

I suppose neither could happen and I'd be stuck trying to sell a renovated house with an odd lot behind it, which can only be accessed by the lot that that the house sits on.

If you go to a house that you found by driving by or someone answering an ad in a newspaper - someone you don't really know and when there are no others involved in the relationship (Realtors, on-MLS, etc.), do you ever worry when you're walking around inspecting the place?

I was involved in a short sale deal and in order to get around the deed restriction, the wholesaler added me to their LLC and then they just kicked themselves off the LLC.

You're not looking for museum quality but my point is to roll your sleeves up and get involved.