Just make sure with your broker you know whether the umbrella is in addition to the underlying limit or its limit is less the underlying limit.  

Anyway, get it under contract, then walk the property and analyze it.

My credit is great and I have additional w2 income as well.

I signed up because I like how it walks you through the whole deal.

If the appraiser used different comps have your realtor submit any additional comps and include a list of repairs/upgrades that you made to the property.Good luck!

I would try to get the asking price lowered or walk away.

Then on top of that they charge a 7% Commission (that would equate to additional $26,250).

You can still find deals but it's not a cake walk like it was from 2008 to 2014. 

I'd like to collect rent on the 1st and then pay the mortgage on the 7th to prevent the lag of pulling money out of my property account just to put it back in within a day or two, but I want to make sure that my interest won't go up in the 6 additional days if I pay it on the 7th.Can someone let me know if that makes sense or if I'm misunderstanding how mortgage interest is calculated?

I purchased the land with the intentions of building additional duplexes in the future.