They also wouldn't make a decision without contacting me first (despite having agreed upon "anything less than $200 please fix" statement in contract). 

In the end that fixes your situation whether the bank is in the wrong or not. 

Interested in learn about the housing market and about investment opportunities for rentals or fix and flips.

Just get it fixed and move on with life until the next inspection. 

This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate. 

So they send someone out and that person fixes the drain and tells them how to fix it themselves next time.

The ground rent is unregistered.Once I fix up the property, I will be doing a cash-out refinance which will require an appraisal and I'd love to hear your experience with getting an appraisal on a property with ground rent.

One, you're not going to find a super nice property in these areas at your price, but if you're willing to do some cosmetic stuff and fix/renovate as you go, you're fine.

I am new and not really studied as much on rental properties but mainly on marketing and wholesaling fix and flips.

The plan is to fix it up, live in one of the units, and rent out the other two.