Most likely than not you weren't be able to get a standard loan for a house that would require $40k of rehab.

I will be starting my new job with Collier's and I am looking to learn more and invest in real estate.I look forward to meeting everyone here!

Its a good way to meet fellow investors and just learn what's going on.Jon

There is a standard TN state form that they can provide you or the potential buyer with however they may not know about any code violations if they purchased the home in the current condition, you stated many owners have done their own work to the home.

Logicality facilitates face-2-face meetings and these should be few and far between!

There are also a couple a great meet ups in Roseville and Sacramento you can look up.

Apparently, the standard agreement from the board of realtors isn't assignable.  

I always go to view the properties and meet with the property owner or person handling all paperwork and financial responsibilities on that particular property. 

But in that year, how would the interest only standardly be calculated. 

Perhaps as I progress my standards will raise.