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).

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?"  

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

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.

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

But risk is what we prioritize as an investment club, as we vet deals together.

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.

BRRR deal could get you the cashflow and the value add payout without having to pay capital gains on the equity.If you’re not fatalist with the Multifamily Wealth podcast with Axel Ragnarson I’d highly suggest checking it out.