Talk to him and explain that he will be paying to replace them when he moves out. 

Could you explain more on the "stress-test refi timing" part?

If they could not do that, or clearly lacked the financial literacy to understand the deal even after it was explained, the conversation ended.

I think it would be helpful to sit down with them and explain that your mortgage is still due, the taxes and maintenance bills still need to be paid, etc.

For example, maybe the tenant's pay their own electricity but the appraiser included that expense, ERRORS like that would explain a low valuation and would need to be corrected. 

If they do it does not hurt to put an offer and just explain how the numbers work.In terms of market.

What you've explained here was certainly one of my thoughts.

I'm in the Texas market and I really never went back to some HML who were not patient with me when I first started... even after I explained it was my first rodeo.If you can find a group that is willing to give you feedback on how they will underwrite in your market, then you've found a solid win-win I think.

I think that level of thoroughness is explained in the Crew TOS though. ;-)

Hmm.. what you explained isn't complex.