If the account has sufficient funds, cash the check at his bank.

If one was over 680 that would likely be sufficient at a minimum

So, if the current owner's records show the property has produced a 95% occupancy rate over the last 5-years and the market rent is sufficient to support the amount being financed, the lender may not care in the slightest about your personal lack of experience. 

Is this not sufficient?

Are your deposits sufficient?

., even here in D/FW it's a tight market.What is revealing about your formula is you're building enough profit into the deal that there is sufficient meat left on the bone for the rehabber - you are not trying to eat into their profit.

so good job on that.Make sure parking is sufficient, and that city has no major assessments like street improvements coming down the pipeline.. that will cost you $$ in the near future.As far as mechanical, roof, ect..unless your a expert have someone inspect.. 

This loan will be on a 25 yr amortization schedule with a 5 year balloon.I'm a bit nervous about the balloon because if the property doesn't appreciate in five years I'll only have ~7% (aside from my leveraged 10% downpayment) in equity and will need to come up with a significant sum to get my LTV sufficient to refinance with a commercial lender.

Account ClosedI know of a couple of local banks that will lend for rehab projects if you have sufficient credit, income and down payment.  

Down payment large enough to cover the costs of a foreclosure and interest rate sufficient to make it worth your time.