I know Chapter 4 of the lenders handbook specifically mentions the necessity to verify "documentation of the applicant's prior experience managing rental units or other background involving both property maintenance and rental." 

You might have a bit more risk than initially estimated if the rent is just $140 more than the mortgage payment.If you'd like to message me the address I could send you some sold comps in your area to verify the sale price you're using in your projections.

The house was foreclosed on 9 months ago and the bank hasn't verify that any of the systems work (they even state that the well and septic are so unknown that it's probably best to assume they don't work and they need $30k in repairs). 

I should take responsibility, I should have verified what had happened.

Don't want to be doing checks without verifying identity.

As long as I can verify that they've received their full security deposit from their last landlord then I know for the most part that they are clean and keep the property to high standards. 

Thank you Hi Peter-Yes, normally thew contractor would have to be licensed and a registered contractor in the immediate area of your renovation, the bank has a contractor vetting document that needs to be completed, that they will verify.

I'm guessing you haven't got an actual approval yet for your financing,mad the lender would have calculated the closing costs as per your contract, and verified you have those funds?  

Needs rehabbing and I'm looking to buy, hold, and rent.I have a ball park on rehab and am verifying with a contractor to walk the property.Am I on the right track for including the rehab into the purchase price to ultimately get my cash flow number, or, should I not include it into the purchase price and separately calculate when I would make my money back on the rehab cost given the cash flow from the purchase and other expenses?

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.