We plan on spending no more than 10k in upgrades and remodeling on this property.

But for the original poster if it's a good deal to you let them clear title and close it if not then move on no more time lost or put in than if you had found the deal yourself.

While I generally don't give specific details as to why we are terminating (we can give a 20 day no-cause termination), you could let them know that your contract/policy is no more than 2 people per bedroom. 

I'm probably looking at needing $100,00-$125,000 for a term of no more than 5-6 months.  

No more lurking.

You can file a case no more than two years after purchase.

I have had no more problems with students as tenants than others, actually lately collections seems stronger with students.  

Prestley Blake: (Owner who built this house, known for co-founding Friendly’s)Down Payment: 980kMonthly Payment: $20,710Most lenders suggest that you spend no more than 28% of your monthly income on a mortgage.

In this case you always have money left in the deal.3)You never pay PMI (private mortgage insurance) if you refinance at 80% of appraisal or less.4)In Texas (and perhaps other states) if you refinance within a short period there is a discount (40% I believe in Texas) on the title insurance for the refinance.This actually saves more than the cost of the additional lender’s title ($100 in TX) when purchased.In my case I didn’t even purchase lender’s title when I bought the house with the friendly loan and still got the discount when I refinanced.My friendly loans are with my own money, lent to a friend with a personal loan, who relends to me with a mortgage loan.Our terms are mirror image for the personal loan and the mortgage loan.Ideally the loan includes all costs, including future repair as I want to be able to get all money back when I refinance.The ultimate refinance means you have no more than 80% or less of market value total into the property so when you refinance you have no private mortgage insurance to pay.That also matches with conventional loan standards of 80% LTV for investor purchases.There is no industry norm requiring you to wait any period of time for a “rate and term” refinance so you refinance as soon as the rehab is complete.There is no law about getting a “cash out” loan immediately.That is simply the current lending standard for most lenders.A “cash out” loan is one where you paid cash for the deal and now want to refinance to pull your cash out of the deal, hence the name “cash out loan”.Unfortunately industry norms currently require you to wait for 6 months before they will give you the cash out loan which is the reason I use my “friendly loan”.In Texas, once a cash out loan, every refinance by the same owner is also a cash out loan.In Texas, cash out loans are more restrictive than refinance loans and cash out loans do not qualify under some government sponsored finance programs available to rate/term refinance loans – another reason I prefer rate/term refinancing.I recycle legal docs (promissory note, deed, and deed of trust/mortgage) that I got from an attorney that I alter for each purchase.

.* The note must have a fixed interest rate for five years, and at the end of five years the interest rate can increase no more than two points per year with a cap of six points above whatever you started at.