I hope you take action.Look, I appreciate your perspective, but some of what you are suggesting is difficult because, well, it is a 1970's house, an extremely well maintained 70's house, but nonetheless....Bathrooms are really too small to get any perspective in, a picture would get a corner and not really impart any information, the reason my husband showed the one bathroom is because it is ensuite to the master, and the tub IS a perfectly preserved (and I mean perfectly literally, not a scratch or water stain) 1970's style one piece thing.

I plan to focus on and master one area of investing. 

A master bath would be added to compete with comps and the cost to do so is included in repair estimate.ARV is $310k based on comps ranging from $310k - $325k.Property needs $68k in repairs, repair estimate is included in documents.My purchase price would be $185k and I would assign it to a cash buyer at $190k. 

There were missing junction boxes, some really old wiring that we don't know if it's live or not but really ought to get replaced (knob and tube), no ground, unsecured splices, and no master switch at the panel.

@Alexandre Lalancette I would say that doing single family first is a good way to ease into investing however if your end goal is multi family I’d just go for it right out of the gate and master that area.

My question is, is there a right or wrong way to ask a property owner if they would consider a master lease?

Should I create a master doc of possible repairs/costs and then plug in what I think a house would need? 

Educators are wrong all the time.Everything I've read from HUD directly says it is OK to use "great view" or "Master bedroom" or "walking distance to..." in your marketing. 

To be in a good spot as an electrician you need to get your master license.

You would establish what I call a "Master Lease" where you essentially rent it from your parents and they give you the authority to "sublease" to a tenant.