They have their attorney’s opinion that the foreclosure(s) were sufficient and therefore don’t want to release the deposit.

I comped houses with similar square feet and found theres enough sq feet for 2 additional bedrooms, potentially hitting the 352k range. owned the property for a little over a year, with a 50k downpayment. original loan = 333kfinanced = 281kcurrent value = 340k (according to his loan officer)Ive ran it through the usual 70-80% formulas but wanted some extra opinions/ weigh ins before i send him my offer. of course i dont want to insult him, being family and all, but he understands the convenience factor im providing.

Can you give me your opinion on that?

I have analyzed the market and am intimately familiar with it so while I would ask the agents/PM opinion on rates, I would set them myself and hold myself accountable. 

That’s just integrity in my opinion—we pay our crew but mike and I are literally making less than $1,000 for a total renovation.

It's key to get professional opinions from well/septic operators to assess the nature of the private system. 

Feedback and opinions on this is greatly appreciated as I’m excited to learn more about this!

In my opinion, the answer is off base.I've routinely seen agents simply release the Buyer from their Buyer-Broker agreement is they were unhappy. 

What are your opinions ?

Welcome @Derwin Smith-Bishop I think entering the game in MF is a great direction...there is a ton of content here and an opinion about everything, so don't lose sight of your focus.