They are a pretty big firm but have real estate experts. 

@George Fejokwu  I'm firm with the 12 month lease and you should be too. 

If desired, you could even rebuild the home to a condition better and safer than the code requires, again without getting any permits. 

Hence the desire to establish a relationship with a local bank to whom we would then give all of our business.

You're suggesting both the firm and the client engage in low-value and unnecessary work because of the specter of "maybe the IRS might have questions". 

It's kind of late, so an extension might be recommended if you want a firm with more experience.

We got a firm quote for land clearing grading today and it’s coming in around 30k.

$10,500 receiving in rent.It has some low cost units as they are not in great condition and some are quite small.The location is great and has 17/18 rented long term at the moment meaning it will cashflow from day 1.It is poorly managed and still booked because it is a desirable area walking to nightlife restaurants highway and close to airport.

During my DD I would have an open house and let the subs through to firm up my budget.

Listed with a commercial brokerage firm