No tenant has ever refused that offer from us in the last five years and required us to assert our right.Look, your tenants know that you and they are not in a relationship of equals, that you, ultimately, own the roof over their heads.

I can also tell you that the amount you have to improve the property is not equal to the purchase price.

Welcome to NYC and Welcome to BP I am sure you will enjoy both equally 

At a ten cap that equals $200k valuation.

In the event my house burn down, all I want is the reimbursement equal to the house's market value.

- but zero borrowers per month complaining when the old model comes in higher, which happens equally frequently), so it's not going to have a significant immediate impact on that front.

That will give you some vital feedback.

All things being equal, my first preference is a block construction home on a slab.

Do you mean that you are looking to pull cash out and give to your father so you both have an equal investment?

Also, my understanding (as it stands now) is that you must "substantially improve" the property by investing an amount over 30 months equal to your un-adjusted basis in the property at the beginning of a 30 month period, and that 30 month period can be over any point of your overall hold period.This provides the opportunity for significant planning with regard to investor risk and uncertainty.Also, this is subject to change and simply an interpretation - I could be wrong as there are quite a few moving parts and many more that we are all seeking clarification on.