Hi Samuel, What price range are you targeting? 

You either pay the asking price in this college town or you don't get the property. 

The contractor was clearly joking on that price.

If you're offering the same product as everyone else then you're left competing on price. 

That may influence the price and restrictions/use of the property.

They have the authority to receive and investigate rent complaints, issue subpoenas, hold hearings, and order landlords to reduce rents for specific reasons.

In the industry this is most commonly known as a "Fix and Flip" Loan.We are correspondents with dozens of lenders who offer this type of loan.Most commonly, the loan will cap out at 75% of the ARV (But Investors do need cash, this is not a 100% financed transaction)75% has to include the purchase price and the rahab amount requested.The terms can vary greatly.The two most important areas that will impact the terms the most is 1.

The combo of the current rate environment, the current prices of most properties, and the current rental market makes cashflow much more difficult these days that it was a couple years ago.

Is it a normal thing, and what is usually the reason tenants want to do this?

It's been the pursuit of mom & pop investors that got priced out of Raleigh, and they're propping up the rental market with no support from the industry demand, population growth, or anything in between.