Unlike So Cal, that gets a larger % or their water from the Colorado.If the environmentalists in Cali would go away and we could get desalination going, Cali would be fine.

I do feel like an LOI is more used on larger properties over 20 units.

That might be larger than you were interested in, but I thought that I would mention it. 

I have been pondering for years on how & where to start and have decided to connect on a larger scale to gain knowledge & guidance to get started.

We had 8 people (4 couples) and 4 dogs living together at one point and actually I had a really good time.

Water damage never happens in small amounts, until its noticed and by that point it's typically a larger job than $1200. 

I highly suggest against that and just doing one larger rent increase to $1000, but if you are only trying to do one unit at a time, make sure you don't try to make a drastic increase to all 4 tenants if you can't afford for all 4 of them to be out at once.I'd consider showing them some data on comparable rentals and let them know you are trying to improve the building by renovating the units.

A mid-term rental near a major hospital could bring in $1,800–$2,200/month, covering a larger part of your mortgage than a long-term rental. 2.

@Kevin Sobilo mostly nailed it, and yes if the lender and borrower knew the attorney was paying them and knew the deal wasn’t going to close for the sake of them all getting money, and EXTRA MONEY on top with the intent of defrauding me for an even larger amount then yes, I’m still thinking it’s mortgage fraud.  

@Cody Holt I would sell and take the proceeds and buy larger properties that are multifamily.