You'll quickly learn that many investors who acquire deals in Atlanta implement a rent-by-the-room/co-living strategy.

My rehab is crawling along but I'm doing it at a pace I can afford without outside money and I'm learning along the way (that I probably want to have more momentum on my next similar deal).

What made you interested in investing in this type of deal?

My response to that would be, "Yes, but do you realize the time, effort, and risk I am having to take to pull off this deal?"  

Your best deals will probably be bank/broker financing. 

They are based on sending tens of thousands of pieces of mail to get deals. 

Basically, what everyone else said:- Who cares if they don't have it- Ask for other docs- Use your worst-case scenario- Get estoppels- Don't let poor books prevent you from getting a potential deal.

They may have a lot of bigger owners that they are dealing with or this could be their system.

These deals I analyze have come from borrowers looking for private money.

I am calling on all investors to share your insights on how you would analyze this deal and what your max offer would be or if you'd pass.