You want to be as objective as possible in your process, eliminating assumptions to the best of your abilities.

I'm relatively new here so I'm not entirely sure, but how would Fannie Mae know your offer you presented for your client came from an investor?

Most of the information I found online for private money lending is related to lending the full amount for the house/renovation.

There's a few other considerations regarding how the baseboard, door jambs and cabinets relate to the existing floor but if the surface of the concrete is not acceptable, you might want to consider tile.  

Do I need to do something tax related with this $350 or not?  

MLS Properties are receiving top dollar, if they are relatively new, to the market because banks are willing to sit on them, to create Bidding Wars.

Vacancy is typically related to community economics, the property class-{a,b,c,d} and how well you market & manage the existing tenants.

(I mean lenders not relatives).Also is it ever reasonable for a lender to ask for a $500 application fee?

I'm also relatively new to the site, and located in the Akron area; was thinking of attending next week's REIA meeting as well.

Coming from a background where I am relatively nervous answering phones, my brain drew multiple blanks in the short time I was talking with the guy.