If the borrower writes a nasty letter and disputes the value and threatens 18 different kinds of repercussions, but does not identify a referee, that does not qualify as a legally valid dispute for purposes of redemption.Once the borrower names his referee, the current owner has 10 calendar days to name his own referee.  

If the purpose if for work, maybe that is something that is available but if it is to deceive the FHA by using them to put 3.5% down and not actually live there, I don't recommend it.Also - be aware that for 3-4 unit properties, FHA requires that the lesser of 75% current rents OR 75% fair market rents (determined by appraiser) must equal or exceed the PITI (mortgage payment).

Does it have to be literally cash, or would something highly liquid like a HELOC be considered cash for those purposes?

Didn't suggest any documentation I should ask for, just said it may be protected by a judge order for privacy purposes so I may not be able to get anything anyway.

I do't think the seller was purposely lying but clearly his books are in shambles. 

My question is, for negotiation purposes, is it best to get a qualifying letter in the exact amount of your offer?

This LLC's sole purpose is to have investment properties title under its name for liability protection. 

In fact, I think it promotes "feet dragging".

So those two points alone I would definitely recommend any investor to go just for those purposes.

@Deanna McCormickwe have a probate lawyer that is processing petition for probate with the courts and i will be the executor. i did not have anything appraised, what is the purpose of this appraisal?