Obviously, we’ll sign papers so this is agreed upfront.

I'll get the roof checked out during the inspection.Here are the numbers:Purchase Price - $191,000Comps - $195,000 - $205,000Taxes - $2302Insurance - $950Utlities  - $0 (tenants responsiblity)Total Monthly  - $1050Rent - $1650-$1800 - I'm thinking closer to $1,700.Total cash flow = $650With vacancy reserves, I'm looking at close to $500 cash flow monthly.

I'm looking at a $2000 repair for the ceiling replacment and another $500 for the HVAC repairs bringing the total to $2500. 

The person obviously can’t afford to stay there and should be persuaded to leave .

Total rent would be around 1800/months if both units were rented out.

I used Amplify Credit Union to obtain my HELOC and it was a quick and easy process...about 2-3 weeks total.

They can write up to 30 total units (a 4 family = 4 units) and they can cover apartment buildings. 

As for reserves, I like to keep 6 months worth of TOTAL bills, capex, utilities etc per property in savings.  

Obviously the goal with the 203k is to find a great deal so that the ARV really gains us some equity to keep the train moving.

My original point is and was, there are no requirements to accept a senior lien offer less than total debt.