And I near to never hear it spoken of in open public forums like this yet, inside the world of Institutional/Professional REI it is the single most centric item we discuss, analyze, assess, quantify, weigh and measure. 

David Greene covered the topic on one of the latest podcasts as well confirming that 6 months is a traditional answer for a lot of lenders, but isn't a hard and fast rule, therefore I need to continue to search.Your 75% comment is interesting because many of the HML websites I have been on are all marketing their products around a % of purchase price plus rehab, not starting at 75% of ARV which might (ideally will) cover the entire purchase price. 

Commercial loan since we couldn't get a traditional mortgage on a condo What was the outcome?

The biggest mistakes are typically at purchase - over paying or missing large rehab items needed.

Though the previous tenants lived there for a long time and kept it up, it may cause issues if the new tenants ask you to fix items that may not be necessary.

My lender offers credits to offset any of the estimated items that come in higher than expected. 

Are you not able to secure traditional financing?

I would take exception with one item in your description.

You can then compare that to the company you mentioned and pick the best fit for you.The primary item to watch for would be prohibited transactions.

My thought is to put together a database of big ticket items (roof, siding, water heater, appliances, etc) that I will update with prices every year or so.