Based on the questions you are asking I think you need to spend more time listening to podcasts like Bigger Pockets and Bigger Pockets Rookie.

I don't remember the precise words, but essentially he claimed that there was some sort of standard rental agreement applicable to the area and he could not (perhaps in reality would not) add anything to it at all, which struck me as oddly questionable.

That said, realistically, I don't think you can go below the 6% - 6.5% range.One question I would ask is if that 3% can be better spent somewhere else to de-risk your deal.

Having said that there is no unreasonable number, you never know unless you ask the question.

Quote from @Aaron Wolman: General question, I am turning over my first rental and I got the charges from my contractor on damage done and I want to see peoples opinion. 

Regarding the HELOC question, consider the interest rate on the debt.

Hi Mary, happy to connect and answer any questions you have about Columbus Ohio!

To answer your question about maximizing profitability: I choose to invest for equity and forced appreciation.

Feel free to reach out if you ever have any questions!

The IRS is taking a more conservative approach and you want to ensure you have all your ducks in a row + a team behind you to back you up if something comes into question.