You went through the effort of itemizing the needed repairs, I would't expect anyone to do a take-off for you on this extensive list.

Not being privy to the thought processes of your attorney, my best wild a$$ guess is that he/she is referring to a possible provision of your state's SAFE Act.

@Jon Holdman just learned how to add prior notes so it alerts someone I refer to. 

If one of my direct buys from the asset manager, I either take it or I don't, no contingencies.One thing to note: Almost all the banks have their own addendums and in them, they have pre-set items in them.

This is important because the depth of frost penetration may or may not be an item of concern when determining the repair type (depth of repair, etc).

(b) Notwithstanding subdivision (a), a manager of a limited liability company may agree to be obligated personally for any or all of the debts, obligations, and liabilities of the limited liability company as follows: (1) If the agreement to be so liable is set forth in the articles of organization or in a written operating agreement that specifically references this subdivision

After the lease was signed, I emailed them the lease for the reference and have asked them to send me an email acknowledging the receipt of the lease.At one of the local REIAs meeting this week, we have a real estate attorney coming who will be discussing the general land lording issues and I will ask the attorney at the meeting what are the pros and cons of having a lease signed on an iPad.I will keep BP updated with what the attorney says.

He was recommended by our realtor so I didn't check references.

Is there a concern using a real estate agent referred by the bank that is providing the home loan?

Based on the numbers you provided, an all-in cost (acquisition of $50k plus rehab of $22k) is $72k which is 58% of the ARV (the low end you stated) which makes for an extremely good deal if the numbers are what you stated.I would also add that $22k for the work you mentioned seems low to me unless you are working with very low end items.