The contract/lease can be any standard lease for your state so that it reflects your area's laws, and then you can just add to it as you see fit to reflect things like how utilities are split, parking, etc.

The end result is the Mission Beach RE is not as profitable once it cannot be used as a STR and this should be reflected in the price of the RE. 

In regards to the rental market here - I've not had any issues with renting my properties - you just need to make sure to buy in an area where the price makes sense... and/or an area that the price reflects the desire to live in that area.

So what you are saying is that as long as my tax return reflects the additional income appropriately then a lender would have no issue with using it as a source of income when applying for a mortgage?

I bought a 3/2 single family in 2016 and converted it to a 4/2 prior to renting it in 2017. I was sure to add a closet so it can be counted as a 4th bedroom. I also closed off an open area and added french doors to ma...

You could just deduct the payment from the cash flow (assuming it's both principal and interest) after you run the report, while reflecting a 25% down payment within the calculator.Also, while this will impact your cash on cash return, your cap rate will be unaffected as cap rate disregards financing.

My initial report probably doesnt reflect these numbers.   

@Bernard Young You'll generally find that only about 65% of probate filings actually reflect decedents that owned real property.

This property was kept in good condition, and the price reflected that, but we were able to negotiate the purchase price down to 124k.

I intend to live in the place I purchase and have updated the report to reflect the 3 unit rent rate.