Of course, even the silly things are on the official report to correct.  

Were you able to get home inspectors and/or contractors into the property to give you a report and bids? 

@Dan HeuscheleI will be ordering a system this next week and will report back on how it goes with the install. ( After some more research, I think I am going to go ahead and install this one myself).

I worked with a group that transformed an apartment building into a boutique hotel in NYC, and while researching, we were able to find trade reports detailing everything from cost per night for housekeeping (even down to the toilet paper) to how much hotels in each class paid in rent.In this area at least (I know very little about Orlando), hotels operate on very high break even occupancy rates - most are in the mid 60s to low 70s, and in the city, its in the low 80s!

We have received the rehab quotes and inspection report and our offer is probably a bit high for our returns.

You can call 1-800-7-Fannie to report fraudulent activity, which I suspect is occurring in this case - again, specific to Fannie Mae's rules.

Can I request previous tax returns and expense reports?

You are required to apply depreciation and capitalize repairs, if you didn't pay for the costs, and report the costs or don't report the costs, it's a false return, if you claim the costs of repairs or improvements, and didn't pay that cost, it's fraud!

The aim of this report is to describe the procedural steps and preliminary results of VAAFT.

This first months rent would reflect on your year-end statement and your 1099 income reported to IRS by the property management company.The first month's rent is just being offset by the expense of the leasing fee that is one months rent and will show up on your expense category on your year-end statement.