Since I have ZERO experience assessing one, would someone be willing to put an extra pair of eyes on it?

Since I have ZERO experience assessing one, would someone be willing to put an extra pair of eyes on it?

Also, I don't know if the Rent premium (the extra 20-30% rent) would count against his debt to income ratio.

Should I ask for a little extra equity?

My guess is he knows you will find termite damage and use that to lower the offer price, as you should.I would be extra careful about other aspects of the inspections also, it doesn't sound like this seller is very honest or trustworthy. 

Obviously I know the typical document I'll be asked for such as W2's, paystubs, and taxes, but it was the "extra" stuff that I need help with. 

So if I repay in 10 months my carrying costs for loan would be $6500?

Keep in mind, you don't "lose" these losses, they're just suspended and carried over to future years.3.

This way, they say, they have funds in case repairs are needed.They charge an extra 10% on labor and materials if they have to get maintenance done.

Commercial loans definitely carry more risk than fixed residential.