Is it okay to purchase property with standard financing of 20% down?

Otherwise you're looking at the standard 20-25% which might price you out of your market.I would watch HUD homes, and REOs that are offered to owner occupants first.

Is this standard procedure, my intentions was just to do a promissory note and FCI service the loan.

Is this lender specific or is there a standard across the industry that I am missing?

So, most big property management companies are doing this to avoid discrimination lawsuits, it's part of the Standards of Operation.

If you use an agent, you've lost even more.Based on that risk, I'd keep the rent increase in line with what you had done in the past and wait it out to see if that large increase you believe is happening is actually being obtained and if it in fact sets a new standard that sticks.

The standard realtor fees are likely all we'll pay at close since the contract stipulated the purchaser pays closing costs.

Is that super low or the standard?  

I buy solo all the time and just use the standard PSA for my state that realtors use.Here's one for MN:https://www.mnbar.org/docs/default-source/sections/minnesota-standard-residential-purchase-agreement-(rpf-01).pdf?

The condo is in pretty good condition, but I would still want to put about $40,000 of work into it to make it optimal by Brentwood standards (Re-do the kitchen, and spruce up a few other things).