Also find some sponsors are too optimistic on their pro-forma so the real money I get is a little lower then they projected it's like 9% vs the 10.5% they projected but it changes widely where the last quarter they did much better and best the projection so just another thing to watch out for when doing equity.... your ACTUAL returns will vary ;).

This was in Georgia, so, likely varies between states. 

If you lead them to invest more time because of an expectation of getting the job, they will be upset.The quality of work and the number of problems created can vary by much more than 10%.

In the downtown Dover area, it can really vary.  

I'll try to rely on my agent for the initial screening.

AHS says "They told us what it needs, we don't know what the rules are, we rely on the contractor for that".When I mentioned the other property (before realizing it was the same company) had an issue last year and no fuss about an expansion tank or T&P or anything extra, he said "They probably did it illegally then".

Is this a rule, or does it vary by lender?

-2 to Nick and Williams advice ... going out of state is the WORST thing you can do as a newbie investor ... you give up all your control over your investment and have to rely on the kindness of strangers to keep your best financial interests at heart and make or break your RE investment for you.

My next feasible option would be the BRRR strategy, but that is dangerous here as the entire area relies on one industry for its economic prosperity, coal.

I am seeing some varying thoughts out there.Are there agents that you all might recommend for selling?