@Eric Calabrese typically with an investment property, a conventional lender is going to want 25% down.

Or do you guys think doing pest control before sod, might affect the grass?

It is also a way to avoid any payment of commission that he would typically pay to the Agent at closing. 

@Ian Whiteman  80%-90% of purchase price plus 90%-100% of rehab as long as those two don't exceed 70% ARV is typical. 

Regarding HOA, I would introduce yourself to the management company and they typically have forms to fill out such as contact information and where to send the bills.Typically your closing agent on the closing statement has the first month paid for on HOA FeesAlso - confirm what utilities are included in the HOA costs

What @John Thedford suggested is what you would typically do in this scenario.

In the case of the S&P example above I would have $1.7M of return (at least all my portfolio statements would indicate this), but it is not used until I somehow leverage the equity/stock value increase (for the S&P this would typically be via selling shares).As a final aside for anyone that is not familiar with appreciation markets...  

@Freddy Hernandez Great questions. 1) Do you have to wait for a refi - Most banks will have a seasoning period of between 6 months to 12 months where you cannot refinance or only can refinance at the purchase price of the property.2) There are two limits on mortgages - Some banks will cut you off at 4, which is typically a Freddie/Fannie restriction.

It looks like the letter is a month old.An ordinary case of termites won't typically bring out a building inspector. 

Your LOI will have to state the amount you are planning to put down as a EMD within 2 days of signing the PSA.This is typically around 1% of the purchase price.You will also need another 0.5-1% for out of pocket expenses before closing.For a $20mm property, that is about $300k out of pocket before closing.You of course also need the credibility to be able to get the property under contract and the ability to close thereafter or kiss the  money you put up goodbye.