I do separate agreements and bundle the utilities wiIh a utility cap for overages.

If you exchange now, the minimum required debt on the replacement property is $150k.

you can have them sign a brand new lease agreement, but if you are only changing the rent or simply extending your original, it is unnecessary. all you truly need from a contract point of view is an addendum to original lease, which references the original.

Arkansas is a "minimum wage state" and most of the state is rural.

But if your getting good cash flow on the current lease agreement and they are good tenants...you may want to let him stay until the end of the contract.

As long as you put a minimum of 20% Down payment there should be no PMI.I agree with increasing the amount for Vacancy reserves (for analysis and budgeting purposes).  

Have you and your partner solidified your agreement on how to do this venture? 

But, it's not a true negotiation in that either party can say whatever dollar amount they want, and then they have to wheel and deal and come to an agreement. 

We have a management agreement set up with the utility so that if they don’t pay the gas or electric the utility does not get shut off but reverts into our name as to save from pipe freezes.

I do know that I can get an official purchase and sale agreement from my local title company.