I have sent over the contract and EMD and was told the bank would get back to me within 15 days as to whether they approve the sale.I have a question about title insurance.

Alway's do your own pro forma, but I don't even don't that unless we have a deal under contract...that is when you starting doing you modeling and underwriting more extensively.You can do it on the front end and see what the property runs like based on teh sellers numbers...but normally you are going to run it differently.It also depends on the type of park you are buying and what that specific deal has going and not going for itself. 

The value is the lower of the appraised value and the contract price.  

-Ability to read and understand most contracts and financial documentsWhat I need:-Money to fund deals likely 400k-1.2 million for first acquisition-Multifamily Experience for the loan and to make raising the money easier (probable possible without, but much better with)-Net worth and Liquidity requirements to qualify for the loan-Experience in turning around a value add in 12-18 months successfully -Experience in Underwriting deals and due diligence-People who are very good at organizing and systematizing-People who excel at operations and administration-People who have a great understanding of construction and contractors (Boots on the ground is a huge plus)All honest feedback is greatly appreciated.Thank you!

1) Laws of your state2) The terms of the contract you have with your management companyI can tell you anecdotally, one of my property managers had to pay a pretty large settlement recently on a property with black mold.

Utilities are generally public and you can call them to get averages, taxes are public as well and can be pulled either from a assessor website or at their office, insurance companies can give you cash value and replacement value quotes by giving them an address, general rule for running calculations for vacancy is 5-10% of gross income, I have seen maintenance expenses all over the map (anywhere from $300-750 or a % of the rent - those vary depending on the number of doors in the deal as well as how much deferred maintenance has to be dealt with or how much rehab you are going to do to negate the deferred maintenance), contracted services, call a few landscapers and get quotes and use those for your analysis. 

As a rule I generally assume expenses to be 50% of the gross income for my first look evaluation no matter what expenses the seller reports (unless its more than 50%, then I will use their number.)From there you can get into more detail on what type of capital expenditure budget the property might need depending on what physical condition and what strategy might be best.As far as due diligence once the property is under contract, or maybe before in some situations you will need a much more exhaustive list.

@Reuben Royal - Before you head down this route and spend lots of time and money trying to wholesale pre-foreclosures, from our experience (almost 4 years) of trying to buy pre-foreclosures is that the owners either want to home to go into foreclosure (sounds crazy but true) or are so underwater that they can't do anything with it.We did everything from door knocking, mailing, etc and the only way we ever bought them was at auction.Also many states have strict laws regarding putting homes under contract that are in pre-foreclosure. 

Ive done quite a bit of research and have been able to answer ALMOST all of my questions, but I have not been able to locate any South Carolina attorneys familiar with assignment contracts.

@Kulin Dakwala unless otherwise specified in your management contract you should be able to review anything concerning your property.