I wonder if anyone else does this, my thoughts is it would make your offers less competitive.

Competition is very tight with multiple offers going into buy transactions from what I've seen.

Here is a link to what I kind of think my competition is..??

I wanted to take advantage of the low interest rate and started talking to a few banks about refinancing those properties.

One bank said $450, another said $425 appraisal fee, so Wells really is taking advantage of your situation with $570.

Some of the advantages I see: - We wouldn't need to put 20% down for a conventional investment loan. - I may be able to capitalize on any first-time home buyer incentives he gets. - I would trust the tenant. - My partner would be conveniently located for updating the property. - There would not be a rush to flip the property.Questions: - Would I be able to collect any monthly income, or would I have to wait for sale of the property?

IMO, many HMLs don't understand this and take advantage of a situation to advance thier self interests irregadless of the outcome to a borrower.A good lender can assess the risks, the viability of a project, understands the market, is aware of costs and liabilities as well as the legal aspects surrounding the business and from that determine what rate of interest and fees is ethically justified on a case by case basis.

I am just wondering what kind of GRM i should expect in such a competitive market?

You can find a wealth of knowledge here.I don't know how long ago you inherited the property; however, when you inherited it I hope you made sure that you took advantage of the stepped up basis that you should have received.

Is this an opportunity I should take advantage of, even though my personal finances are not ideal at the moment?