Value is based on tax assessed value and verified by independently certified valuation; or full appraisal; member pays cost for appraisal.

There's a 7 unit multi-family in my area for sale I would like a 2nd opinion on.It just expired from the market @ $185k, it was on the market for 456 days it's assessed at $145k.

when the deal is met after approaching a distressed property/owner or assessing the lead is it necessary to put money down to get the property under contract?

The reason I say this is because Condos are notorious for additional fees/special assessments.

My thinking at the time was since I know very little about rehabs or investment property I would work with a few local real estate agents plus a reputable inspection company to give me a professional assessment of the properties and neighborhoods where i was buying. 

Here is some back ground on it from the trenches:The rule you're probably referring to with the required 30% equity to use 75% of gross rents minus PITIA ( monthly principal/interest/taxes/interest/assessments) is a buy and bail provision from Fannie Mae which requires you to have sufficient equity in order to use rents because they are afraid you'll buy a new property and bail on your current one which was common in the past.

Sorry i thought i described it all but ill just list it for easy reference.FHA LoanJan 14'Loan Amount: 79,000City Assess: 179,000Comparable Comps Average: 135,00070-80% LTVI know there is a seasoning for cash-out most of the time(have heard some local banks might not have a seasoning period) and im unsure for a HELOC.Another benefit i could see with a refi is that i could get out of paying the PMI if my LTV was >75%.

I had found a HUD home that was rehabbed in 05 so major systems and roofing was only about 9 years old with a list price 100k cheaper than city assessment and 55k cheaper than average comps for the area.

The foreclosure notice says that the balance owed is $65,533 and the tax assessment is $127,800 which is think is high for the condition this house is in.

The property has the following points in the public records:- Mold - no report- foundation issue - no report- cut out and treated wet sheet rock - no report- basement was cleaned anti microbial - no report- City assessment : 498kwhen I saw the property with my realtor we noticed that in the 1st unit which is a finished basement - I was able to see that they cut the wall and it smells pretty bad (like mold).