They won't lend the money out until you have the property and they will typically need 30 days to close the deal.

Whatever I finance will essentially be the check the bank would write back to me, while the equity will stay in the property, correct?

I know investing in real estate is never completely passive, but from those of you with experience in larger properties like this, what types of situations typically come up that the owner has to resolve or become involved in?

Do they typically ask for down payments at all? 

Don't forget about other lending channels who will typically provide up to 80% LTV on properties over $750k.

From what I understand, that essentially negates the protection you get from having an LLC.

I typically will go out and visit before the end of the inspection period but after the realtor and home inspection is done...

If I price it according the cap rate method, I come up with 122000 Bank's highest bid is 70000I intend to BRRR this property, but not certain if I'm looking at a deal.  72000 purchase price (foreclosures in this area that sell to 3rd parties typically go for approxmately assessed value)Repairs 25000Buying cost: 500evictions/cash for keys: 1500Initial cash outlays: 99000Annual revenue: 22500Taxes: 1417Insurance:  1500?

Some people use a HELOC (typically and more easily from their *personal* home) to pay for an investment property.

I am not familiar with the current company you are using or any agreements you have with them, but typically if the tenants do not pay you do not get paid.