Wants to "cut his losses and sell asap".

1 handiman type person sounds reasonable, assuming that individual would be responsible for general lawn maintenance (grass cutting), general cleaning of hallways, etc. and everyday minor maintenance problems.In addition I would expect a PM to cost around $28K/yr. and assuming reserves mean Capital Expense Fund, again I would estimate at about $28K a year.I would definitely contract someone to fully evaluate the rehab costs and check with a couple of PM companies to get their ideas and costs.

I didn't have a problem with that.But one applicant was a hair dresser, says she have clients who are closer to her home then her salon, or may be wanting a cut after hours would come by to get their hair done, I declined.

All three credit bureaus require it, as a result of the FTC requiring them to implement tighter controls to cut back on identity theft.I would recommend doing the on-site inspection so you get the actual detailed credit information on the applicant.

If you are straight real property, both these programs have templates for standard uses in RE.

Cabinets with those black groves cut into the doors etc.

You could cut off the land for the house and call it sold from the down payment and then do a commercial loan on the balance of the land, but see your attorney on this aspect, it's a suggestion to consider.

The 'business' that you are starting wont cut it with anybody who knows what they are doing.BTW, I'm not a guru basher, I think the support I got from other investors I trained with and shortened learning curve was worth what I spent back in the day, and I spent a LOT.

Do I have the investor cut me a check, which I deposit, and then use to purchase the house?

I realize that for certain investors condos are a niche they like to play, personally I see too many uncontrollable variables and constraints with little upside, control or in many cases appreciation opportunities.With little control over a HOA that inevitably raises fees and charges periodic assessments that are likely expenditures you would not prefer or receive any financial benefits are inevitable in most cases but surely cut into your profit margins, plus these associations can make renting more of a tedious task than necessary.Also, the upside for any rehabs or overall appreciation will be directly tied in to the entire complex.