If so, I'd LOVE to hear why (and then would alter my approach).

Thanks Zuck.It’s increasingly rare to have conversations like we’re having here where we may disagree civilly and in the process gain access to info we wouldn't come across normally and alter our thinking because of it.

Hopefully that hit enough keyword alters for everyone ;-).I've only been interested in Real Estate investing for a couple of week, but it has been quite an intense information filled couple of weeks.

But plenty of sponsors look for unsophisticated investors that don't know any better and slip in all kinds of stuff that are not in your best interest.There should never be an alteration of your ownership percentage whether you have your capital back or not. 

You can alter other terms to make them happy such as FHA repairs added to purchase price.  

There are new construction one on each block maybe but it still hasn't altered all that much.

Important when purchasing a HUD home with financing:-Make sure your lender knows the property is a HUD and can/will work with their closing requirements as they are not flexible-Make sure your lender has a workaround if you are not able to activate utilities for the appraiser (this kills many HUD deals)-Keep in mind , any utility activations are at your expense - HUD allows no repairs/alterations to the property prior to closing so no lender required repairs can be completed

The other walls we plan to alter will not be. 

(The lease stipulates that written permission from the landlord must be given prior to alterations.) 

(i) Acquire, purchase, renovate, improve, alter, rebuild, demolish, replace, and own real property and any other property or assets that the Manager determine is necessary or appropriate or in the interest of the business of the Company, and to acquire options for the purchase of any such property;