I started off with 3 houses on a lot and another house two lots down.

Quote from @Scott MacComb: I am doing my first true house flip (have remodeled plenty of houses for rental) and am trying to figure out a contract to use with a new general contractor whom I have not worked with previously. 

Do you plan on renting out your current house or house hacking it? 

What the city housing clerk is telling me is that there was a water leak from behind the sink pedestal on the second floor bathroom that has been running for a week. 

It's running a business NOT renting a house.  

Most old houses it is about 4 ft at the perimeter of the room, maybe less. 

Can you buy a house and be within reason of what your current rent? 

I bought my first house 2 years ago for 255k 20% down at 6.375% APR.

Because you are forcing equity into the house you are sometimes able to pull back out the entire purchase and rehab process to return to your investor then you own the home with just the mortgage.

Purchase price: $120,000 Cash invested: $150,000 Dilapidated house.