If you could provide more information about the contract it may open up more ideas.I would agree with @Zane Cress that a tenant buy-out would be a good option, although if you are dealing with 5-6 properties (And how ever many units per property) you're looking at an extremely high cost.

In a similar fashion, if you can imagine how much landscaping and underground infrastructure is in a golf course as compared to the clubhouse, that will give an indication of why an extremely high percentage of the property's value is allocated to the land improvements. 

I think, in general, unless you're an extremely high W2 earner just looking to get into real estate for tax purposes, buying for cash flow gives you the durability to weather market fluctuations as you're never in a position where your back is against the wall and you need to sell... unless you have debt coming due.Now, that being said, if the true cash flow, after allocating for all expenses, vacancy, maintenance, capex, etc. is in the black, then I think taking a 5% CoC return in an appreciating market isn't a bad move, especially if there is a component of value-add. 

I have been beta testing the JP Morgan "Story" platform over the last year, and it has been extremely useful for helping to scale my firm's multifamily investment portfolio.

I have a unit where the air conditioning is out and it is extremely hot.

MikeI would be surprised to find a lake house on a legal septic system, most likely the house has a holding tank that needs to be pumped every few weeks depending on usage.

As an investor and PM in the OKC the advantage of a PM is they're your "boots on the ground" example is performing property inspections, posting notices to quit, ext.... it's extremely difficult to run any rentals out of state without someone there to be your eyes and ears. of course I'm a bit biased in this situation.

If it’s Kennedy funding or a similar company be extremely cautious.  

When I worked with them, they were extremely reasonable with their borrowers when credit was not available to figure out working solutions, which steamed from the due diligence and experience they did on the borrowers.Corey Dutton, DFA does not prevent HML on primary residence, it does put rules around loans as they relate to primary residence.

This scenario is extremely common and while I exaggerated numbers for effect, I have had this conversation with clients and their CPAs and the client is usually surprised when you put the numbers on paper.