My due diligence process was certainly tightened up after that deal and analyzing properties and understanding what things will cost is now 2nd nature to me. 

ALSO they have regs on rooming houses only allowed in specific zoning, similar zoning as for hotels;  only on main streets in business districts AND you have to apply for licensing and blabla as for a hotel..That said;  there is a small movement supporting rent by the room as a small step toward solving affordable housing. 

Average rents $1200 Cincinnati but we don't know if this applies to the square footage and details of what he is thinking.

I think this principle applies to everything in life.

If your rental property is occupied, there are different rules that apply for selling to an investor versus selling to a buyer who intends to occupy the property.

Then these are applied to all properties in that area of the city.

I only sold a few amount of properties but the values of the homes have increased.The government is making less affordable homes(Impacts supply)A lot of the points you suggested such as selling costs and having to rehab the property before sale apply to both cheap homes and expensive homes

you mention applying for a loan …..does this mean you own a home and were  trying to refinance it  ? 

Naturally, every answer breeds more questions, but she has been patient and responsive.

But when applying for a new conventional loan, it still has to be counted.