You will not get them to show up to complete the work, you will not recover your funds and you will have to move heaven and earth to make this "right" 1-See if you can settle with the contractor2-File complaints with the BBB (assuming they are registered), file a complaint with the state attorney general3-SueI used to believe there was some sort of over arching justice in the world, but then I got into real estate and became friends with RE attorneys.

Of larger buildings in DC, there is only 1 single building in DC that allows mid term rentals.

Which is why we see all the "real estate investors" not really making any sort of meaningful cash flow.

We found evidence of mental health and familial issues, all sorts of debt, IRS issues, and even YouTube videos showing a life in disarray. 

This tenant has since had another child and moved to a different larger unit of mine and is still one of my favorite tenants.

I'm sure in larger markets that is different though. 2.

I do feel like an LOI is more used on larger properties over 20 units.

That might be larger than you were interested in, but I thought that I would mention it. 

I ran the numbers on some properties and they meet well above the 1% rule, but that sort of worries me...

- and finally once you do this, realize it will never even be close to how it actually plays out in real life, but it can serve as a guide for what sort of money you may need to save up to try and actually accomplish something like this.