This is the first Fannie Mae financing.The RatiosI am wanting to build a fourplex and then refinance to own as an investor and even own one as owner occupied.If I understand it correctly - it works like this....1) New fourplex monthly income and expenses projected by appraiser Rents of $1500 each unit Taxes at $1060.00 Insurance at $120.002) My gross monyhly before tax income $8500Less my debts (credit cards, loans, cars etc) for first level.

Also, I think the bank is going to bid it up pretty high because they are trying to recoup there fees, and interest lo these many years.Anyone have any experience with Intervenors during a foreclosure??

Your county should have a sheriff sale website...upcoming auctions will be listed...or give them a call...but confirm this property has not already been foreclosed.If it has, feel free to show up and bid against the lender at the sheriff sale.

I use a database now and can routinely get to within 5% of actual costs on about any reno project...but again, it takes time.One thought is to interview multiple contractors and get bids. 3-5 bids should show you an appropriate range for the work.

You can login as often as you want and see the open corrections.

I’m also a bit worried about a market correction (and spending $700k on a fixer upper and finding myself in the middle of a correction!)

Birmingham has good value adds, as well as the other cities you mentioned if you invest for the correct usage of the property & your goals. 

Do you just show up, say you are the lender, credit bid, and they do not make you pay?

Maybe 10-20% correction.Assuming 70% correction on ETFs, $250K available there will be reduced to 100K.

He stated that all utilities "are included in the rent" which means he pays the utilities, correct?