Knows that the property needs a substantial amount of work (about $150K) but could be a +500K ARV.  

He asked for a few substantiating documents and I was pre-approved in a day or so.  

Never want to give away free rent in my head so my policy is still: 'make the payment or don't make the payment; just don't park your car with the oil leak in the driveway'

Fortunately, I've already built up a substantial number of reviews, which transfer between properties, as they are linked to my profile.These can be single-family, multi-family, condos, town homes, etc, but preferably units with multiple br/ba's, since each of these can be rented individually.

He told me if I ever consider PMing to just go ahead shave my head because I'd pull all my hair out in the first year.Some folks are quite successful at it, but I can't imagine you'd be excited with the $/hour return when compared to rental properties.Another option would be to consider investing out of state - you give up some of the control you have, but can get much better returns and pay somebody else to deal with the headaches.

You don't need to disclose the water intrusion that happened in the past if it was completely remediated.Now again, it could be state specific (based on the disclosure form) and it could be that this attorney had a different opinion than others would, but that's the guidance we got.The bigger issue in my mind for the OP is that the old agent DIDN'T disclose this information for several months and is now claiming that he added it to the MLS due to the requirement to disclose.

While there are some hard headed types that are all about their rights, in reality unless you have deep pockets it's better to retreat and live for another day!

You're either confirming the inflated number in their head and inviting suspicion when they figure out "what you're going to make" on the deal, or you're challenging their reality and forcing them to defend their mistake.

Brian has hit the nail on the head!

Everything over 120K I can see a clear reason, either much bigger SF, or substantially upgraded, or had something else (a garage and pool etc...)