@Andrew JaquezI think what you're missing is... there will be lots of other expenses, and there is a 0% chance you will cash flow that much.It sounds like you've been going there in person to look at properties - is that right?  

Is there any chance you’d be willing to jump on a call?

Only in the one off chance that we have another meltdown situation again, and they shut off the ability to draw on the HELOC's like they did in 2008. that way you are not stuck with no cash.

By chance have you checked out the BiggerPockets property management finding tool on the website?

If they are right, most likely chances of fighting it and winning are nil but you can try

I know how stressful it can be with those gaps in monthly income.I personally use the standard Chicago Association of Realtors lease...do you have a copy of this by chance? 

I wasn't interested in investing at the time, but I did have a chance to talk to a local broker and remember the asking prices being shockingly high compared to what the locals make.

There is a chance that it will appraise high enough to where I can refi to a conventional without any pmi.

I wonder if the state will make further chances once every landlord in CO changes their leases to 11.5 months. 

The sellers are good family friends, so not worried about lease backs etc and the chance it becomes a legal battle.