Incorporating it into the price poses other challenges regarding appraisal...

At that point, most of your pre-rent expenses will become slowly deductible via depreciation.

You need to get pre-approved with a lender as well. 

In my area a few will pre-qualify you first so that when you have a deal they can just review it and decide to move forward or not really fast.  

Prepare for competitive offers by getting pre-approved, having a proof of funds letter, and being flexible.

@Paul De Luca and/or @Jonathan Klemm - would you be willing to share your Chicago-specific lease agreements or what language you use in your leases for the early termination so we can incorporate that into our future leases?

Purchased pre-covid and majority of renovation was sweat equity. 

In fact, in my pre-licensing course in Mass, the instructor said that if we were ever in a setting with other agents, like a gathering at a bar, and someone said something like "you know, we should all agree to a minimum of Z%" that we were to loudly and publicly excuse ourselves.Business brokering is so much more fun - and we charge a lot more commission too!

At the end of the day, total finance charges (interest, origination and pre-payment penalties), leverage and cost of equity should be considered when deciding on the financing option that makes most sense.

It is not really true because to get the same rate it will cost much more in upfront costs in either origination or discount fees, AND much higher back end fees in pre-payment penalties.