@Michael Zack extremely common in MA due to all of the colleges/univs where parents pay. 

Hi Ryan,I don't have any of your paperwork, so the below is speculation about common causes for this type of confusion.- Lenders do not preapprove for loan amount, they preapprove for purchase price after validating that you have the necessary down payment, etc.

One of the tenants has not paid April rent, and the landlord has given proper notices and just filed paperwork at the courthouse.

Common cabinet options and vendors based on current styles and ROI figures(data collected from Realtor's across the country to back up designer's choices) Same would go for Bathroom fixtures, counter tops, hardware and appliances.

I think getting in there and replacing toilet flushers, faucets, etc for low flow ones would be a good start as well as checking for leaks (drippy laundry tub faucet or exterior spigot is pretty common)

Is there a standard or common term of amortization?

I have noticed that the preforeclosure folks are very elusive and I've found some killer deals but these people are ghosts as most have left the properties and cannot be found.

I think your CapEX is low, 10% is common.  

Stuff I've noticed makes millennial jump at my units...

@Suki Su it all depends on the party from whom you borrow, I would budget 25% of the total amount that you need to borrow as I believe that is what you’ll find most commonly but again it all depends on the lender