Just so you understand how bad is for unrepresented buyers, in absolutely every case when the buyer came without an agent  thinking that he will save the commission and wrote offers on my listings, even though the seller discounted the commission, the buyer left money on the table. 

You will absolutely find the answer to all your questions here.

Only absolutely green and dumb agents would show someone around that has no money.. so it would be the blind leading the blind and your both deserve each other.that said..

@Kevin Carbon absolutely give a call back, if nothing more than to thank him for reaching out and to reinforce the thought of contacting you should he change his mind in the future. 

PMI would absolutely be included but if it saves the customer 5% on a down payment of a home that is undervalued do to work needed to be done I think that's great.The customer does have 10% of her own funds and I'm not familiar enough with commercial loans to comment but I know you're on top of things so I would trust your judgment.In conclusion my institution has no overlays so when I quote guides it's directly from Fannie, Freddie, FHA, USDA or VA unless it's my portfolio division.

It is absolutely what everyone says to start with but I also see the difficulties.

I had a very detailed plan (and lots of study) before I ever started looking at houses...Turns out my plan had absolutely no basis in reality, and if I were to rewrite my original plan today (with the same goals in mind), you wouldn't recognize it as anything even close to what I had originally written.

Ahh, Absolutely K.

then you can compare different properties (relative value) and find out how much YOU are willing to pay (absolute value)

That is why you absolutely need to use a dedicated bank account for your rental activity.