It sounds like I should be looking for a pre-approval for the end financing to confirm I can get there with a conventional loan at the end of the day.

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

Looking for a "pre-boom" city is the way to go!

But, he hasn't paid into anything for years."

That price range is what I am currently pre-approved for.

My parents who own our company keep telling me it is not possible for me to do this deal.I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst). 

How do you account for RUBS in your proforma underwriting if the property is all bills paid?

You paid for your crime and you should not be chained to a life sentence because of it. 

Also as far as the 203k loan ive looked it up a bit and most wont finance homes with foundation issues but that is a great route to take if I can find a lender will to work with me and my father asked about doing a refinance on his paid off house to buy it but I’m not sure how that would work so I’ll have to look it up a bit more

I value my relationships with the property manager but at the same time, I want the job I paid for to be done in full.Thanks much!