Find a software you're comfortable with, and know how to use it backwards, forwards, and side to side before you begin purchasing in earnest.

Work out the first deal weighted in his favor, then he will be comfortable working w/you on subsequent properties.

UPDATE: I did some more research on the triplex and felt comfortable it would appraise with additional equity beyond cost plus renovations.

You own an old property, so depending on the condition it may run higher.I don't own properties where flood insurance is an issue, so I can't speak to that.As a commercial lender you'd know this better than me, but the 1.1-1.2x DSCR is lower than I'd recommend for future purchases - I don't feel comfortable with anything under 1.5 on my properties.

If you’re not comfortable with that time frame then you should steer clear of that risk.

Rant complete.I would be more comfortable with water being in the owners name as mentioned by @Martin Scherer at least that way I know what is going on and can stop the issue through eviction. 

I don't know all the details of the situation, but in general, here is what I would do if this were a typical REO:-  All cash offer-  As large an EM deposit as you're comfortable with-  Full-price offer-  As few (or no) other contingencies as possibleThe reason why I'd start with a full-price offer is that -- if there are multiple offers at or above list price -- it's likely the bank will come back with a request for highest-and-best. 

I talked to them over the week end and the most they would tell me is they are a Delaware company, didn't share their corporate name, but they certainly wanted a lot of information from me, such as bank statements, copy of social security card, and a lot of other stuff that I just don't feel comfortable in giving out to anyone that I don't have any kind of relationship with.

What your tenant is speaking of falls within the following;Emotional support animals, comfort animals, and therapy dogs are not service animals under Title II and Title III of the ADA.

Now that I'm more comfortable with real estate investing, I'm working on setting up a jointly owned remodeling syndicate and using the dividends to buy personal rentals at a faster pace.