Your profit and the safety of your money.

After the rental company cut , I may end up with 1800 and with mortgage around 1500+ in ARM , I can be in safety net for 3-4 yrs and refinance to conventional.

I wrote out an org chart of my development firm, what it needs to look like in the next few years, what the business model is, who my first second and third hires are, and what succeeding at this will allow me to do in terms of generosity and impact toward the world around me.One piece that I admittedly have been avoiding, is dialing in my marketing.

It's probably pure data-mining for them, which leads to their decisions on whether or not to buy in a particular neighborhood.I'm not sure if there is a long-term play for these companies if/when interest rates rise to a point where the model is unsustainable.  

If the issue is purely cosmetic, then hell no.....not a chance.You are supplying a livable unit for them....on the VOUCHER program....you aren't building them their dream home.Do this and prepare for the flood gates of other things they want to upgrade to make the place nicer....Unless there is a safety or health issue, they can pound sand or move somewhere else....at which time if you want to upgrade the floors and up the rent, then go for it....DO NOT DO IT....

How do I find out if this is a safety issue? 

I'm in penny pinching mode and am almost at 20% down (plus closing cost/reserves) on a specific price range.

Don't forget your safety glasses :-)

Even with a regular 203K you might only be able to do it if there are safety issues involved.

I have heard it might be possible to enact a smoking ban that isn't on the lease and remove safety hazards.