If a few things are deferred it probably wont affect rents in a significant way, but the more you have the more "damage" to the ability to rent at all.   

I remain amazed that the prior owner didn't suffer a fire do to the lint behind the dryers and in the vents. 

So if this 200k is correct I probably wont be able to spend more than 100k on the purchase. 

As Real Estate investors we are all still a little spooked from 2008, however all the regulations that followed have positioned this asset class to endure a downturn and not suffer a similar fate.

You wont find many cash flowing properties anywhere in the Northern part of Chicago or near downtown for the most part.

I moved out went to college, moved back home with parents and started saving money.The market here is....unique.It's very hard to find a duplex to house hack in an area where your car wont get stolen.

So most of the homeowners rent out their homes to one person that then fills the rest of the rooms and is on the hook for vacancy and damages, the only difference between that and my situation is I wont be living in the house.

In contrast to homestyle loan,  contractors probably wont have to sign paperwork or be vetted by lender.

My Wife and I have both been accepted into law school and we are thinking about attending one which is out of state but has a better market than where we currently are for affordable MFH, we'd like to house hack while attending law school. (4plex) we have good credit 750+ and were initially thinking about financing using fha 203(k), but if we decide to attend law school out of state, we wont be able to prove income.

If they aren't willing to give you the financials or a third party to audit it then you really wont know what you are purchasing or how much money you will need to have in your operating account Requesting bank statements before you are in a binding contract however would be unusual