It's tough when there is only one property of any type and multiple applicants so remember if it's not out of your scope to get them set in a right direction as well if there are multiple qualified applicants.Best to you Jake, stay safe!

I don't think there's a reliable way to come up with an exact dollar amount that everyone can just plug into their situation and be 100% safe. 

Explain the potential damage and costs involved with the water running continuously and put it in writing letting him know that he is not to touch the chain again, that if he needs service that he should notify you and you will take care of it.Additionally, there are devices you can get that will alert you if your toilet is running.

They had pretty graphs and data, but instead they cashed out your 401k and spent the money on shake weight exercise devices.

And you have an "asset" in the hood, you can safely assume the appraiser will not pick the 5 best comps.

Use an attorney to draft up your legal loan documents and ensure it's safely secured against the property as a deed or mortgage.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

They didn't go in depth as to what exactly that meant but it's safe to assume they want to help a local family make it their primary residence.

You can later convert that house (after a year or so with a safe harbor from the IRS at 2 years). 

The only big limitations that may extend your timeline will be coming up with a down payments, and coming up with the reserves required to operate in a financially safe manner, and as may be required by your lenders.