Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Quote from @Martin Streich: If it is in the middle of the contract term, you either have to terminate it and rewrite a contract, including the other tenant or wait until the contract is done and add the new tenant to the contract on the next lease.

I'll rehab and brrrr if it makes sense but I'll either stabilize my real estate company a bit or move on something if a killer deal crosses my desk. always looking for small multi's on clevelands east side. 

It stops nonsense before it starts and keeps your property safe (and your sanity intact).Hard on Paper, Soft in PracticeMy lease was stricter than a middle-school dress code: no overnight guests, no smoking anywhere, and quiet hours that would make a library blush.

FDCPA controls debt collection and makes sure that buyers  of defaulted debt don't threaten borrowers with violence , phone calls in the middle of the night and non-existent jail sentences for failure to repay.

Have you spoken with other agents to see if you can find a middle ground or a couple other examples of the comparables? 

One was an eviction, and the other was tenants leaving in the middle of a lease.

To your point, passive real estate investment returns tend to form a bell curve, with a few underperforming, a few overperforming, and most falling in the middle of the bell curve.

The one unfair advantage that you have, as I see it, is that middle aged and older folks LOVE seeing a young person working really hard. 

In Phoenix, a 1996 build is practically brand new when compared to a WWI-era home in Cleveland or Pittsburgh or some other Midwest or East coast city.While I agree that older homes come with more problems, buying something newer may not work as the price will be higher and won't cash flow as well.I'm of the mindset to buy what fits your budget and investment goals.