I e-mailed the city council people and the response I got was basically "We're not allowing more than 250 STR's in our city so get in line".

It makes sense they do that for safety reasons but how frustrating for you! 

Expense ratios vary dramatically depending on project size, age and other factors, but basic rule of thumb is the smaller the project the higher the expense ratio's, using a 33% expense ratio for a small facility (less than 150 units) is optimistic, smaller facilities are probably closer to 40%.

There are no other safety concerns or visible signs of the fire left intact.

Basically I get one month of additional rent for my troubles, and the rent is paid in full throughout (either by them or the new tenant)Am I letting them off too easy?

There are a lot of assets in Columbus that are basically turn key properties, and even if you have some minor renovations (5k-10K)I would recommend trying to go after an interest-free credit card AFTER you are approved and close for your loan.

I think "what about my wife and kids" and their safety.

., basically investor in fund 5 is paying fund 4 investor and so on.

Which at it's simplest basic form is YOU, the landlord, are actively paying the bank so you can own the property, not the bank.

Also, put any repairs pointed out by the inspector into the following categories (by priority)1) Health & Safety - to avoid tenant injury and potential lawsuits2) Property Preservation - to stop further costlier damages3) Government Required - city inspection repairs & S84) Marketing Negative Impact - who'll rent a house with purple bedrooms?