If they push back, give them the full 90-day notice.

Always push for utility bill backs or tenant covered electricity in your leases.

That pushes cash on cash from down payment about 5.5 to 6% starting out and with mortgage paydown about 10% total return annually before rental increases.

I am working to get all of the numbers straight and potentially extend or move to a new lender to push this through.  

Paying cash is safe and admirable, but it totally takes away this strongest tool of real estate investing.If I asked you if you could figure out a way to earn a higher rate of return than 7%, then you should be pulling equity out and rolling it into another.

;-) PS- anything proposed above pushing me into "property management" where I would need a RE license? 

I feel like I've been stuck between that 4 to 6 mark for about three years and I'm having a hard time pushing past that.

The world of commissions has changed lately and here in Texas they keep us on our toes by rolling out new contract forms monthly.

By completing a 1031 exchange, you can roll over both your gains and deferred depreciation into the new long-term rental, avoiding an immediate tax hit.

Financing for RenovationsSince the property needs a full gut job, consider:Hard Money or Bridge Loan: Short-term funding to acquire and renovate, then refinance with a long-term loan.Private Money Lenders: Individual investors willing to finance the deal for a fixed return.FHA 203(k) or Conventional Renovation Loans: If you qualify, these loans roll rehab costs into the mortgage.3.