Therefore, you are going to have to back it out manually by writing a check to yourself in the amount of the bounced check, because you no longer have that money in the bank anymore, right?   

Is it possible to pay off my principal after the appraisal with whatever amount that will make LTV to 78 and get rid of PMI.

Some people may buy a property under their own name for the lower rates and down payment requirements and then turn around and place the LLC on title... if you do that you will most likely break the due on sale clause and the lender could, call the entire loan amount due, not likely, but they would have every right to and you would then be SOL. 

Each unit needs some updating, but I don't have specific dollar amount since I haven't had property inspected yet.Asking price:$450,000Monthly income/expenses=Rent 1 bedroom:$350Rent 2 bedroom: $450Insurance: $250Natural gas: $350Water & sewer: $315Handyman: $550Repairs: $200Trash: $180Real estate tax: $375

How would I structure my parent loaning this amount to me?

What items do you have done before making an offer on a property like this, and how would the finding results either encourage or discourage your purchase or offer amount?

Mark- I follow your response up until the $800 net amount we would be making.

It needs a good amount of work, mostly cosmetic stuff, but the price was right at $20K and we felt it would be a great learning project. 

I would be willing to put 6 month’s worth of lease amount in escrow and pay the typical first, last, and deposit.

I’ve been told that most have something like a “bid room” or department if your purchases exceed a certain dollar amount?