First off, if they can justify removing the carpet and replacing it, they would need to bill you a prorated amount based on age.

I was married with 3 kids under the age of 7. 

If you have 500k in equity, not sure what the actual equity is: would you rather - repurchase your current property and assume and 2.6% rate ORfind some other investment that is made with the intention of being an investmentYou said the house is large and new - so current chances that you need major CAPEX is low but as this home ages and is in an expensive market realize that those updates will also be expensive.

It very well could be from leaking pipes below but just as often in mfg housing its just old age and cheap wood to begin with.

The house is 100 years old and it looks like holey hell, to the point where the city starts to get involved and we (investors) get slammed in the news for running down neighborhoods generating a anti-landlord sentiment we really don't need.

How much gross leasable area, how many offices, current vacancy rate, age of building, any proximity to hospital or surgical center, what type of loan product for first lien, variable rate/fixed rate, the terms etc ie SOFR + what spread etc, current NOI, cost per square foot, replacement cost per sq ft, and any and all details you can share, I assume HENRY Capital compensation will be similar to your Fund 1, with 8% preferred and 80/20 split? 

The shower wasn’t hot (I looked at anti scald it was to low.

Also your insurance expense will be higher due to the structure's age.  

From what I have seen in Colorado Springs, the lease only tends to range from half a month's rent to a full month's.Keep in mind, Colorado is coming out of a very anti landlord legislative session and you will have to stay in compliance with the changing laws.

If you provide a refrigerator, if it breaks through age or no fault of the tenant, it's your responsibility to replace it.