I believe growing up in a family of woodworkers and handymen has prepared me for these challenges, as I've worked on many houses and projects before and helped build a rather gorgeous 3000 sq/ft log cabin starting from foundation up as a young teen.

Or could I get pre-approved based on projected rental income and then get a signed lease before the actual loan application? 

Clearly people are trying to take advantage of a hot market but what’s the best approach to take to let people know that the house is not worth anywhere near what they’re asking and basically should still be priced right where it last sold in April?

Since the now current market value is lower than than what I'm in it for, basically underwater till the market turns or I pay down the note. 

@David Turnage This seems like a massive turn around project.

this is summer time. basically I'm paying 158 bucks a month to run a water heater.

Here's the data:79 Units - Townhomes, with 24 separate buildings.  60% have been updated with roofs/siding, interior basics.  

Fast forward a couple months now the work has slowed down dramatically .the main problem now is this last $33,000 draw he hasn’t hardly came at all in the last several weeks virtually non existent other than a couple guys for an hour or two and it’s really starting to get where I’m worried .the Bank approved it each time when there clearly wasn’t enough that could’ve been done on the contract i got one draw left ( I won’t sign yet obviously) I only have about 10 grand left of draw and so now I’m kind of worried because the project can’t be finished on the ten grand that’s left .

Basically if it were me and this property was an excellent deal and has upside potential (which it sounds like it does) I would buy it and finance as much as I could, while making sure it still cash flows.

Best case is that they just upgraded it and plan on leaving it...... if so, get that in writing.......but still be pissed and let them know this will not be tolerated again.So I would want some more info before I freak out too bad....If they are basically blowing you off and ignoring you, then I would move forward with legal action by consulting a lawyer about moving forward with an eviction...and be sure to include the cost of a new stove in the deposit