There is roughly $20,000 left in rehab including windows, floors, a new kitchen and bathroom. 

Which essentially puts some standards in place and a good guideline for handling all things in the company. ie. company mission, telephone standards, tenant screening process, etc. 

Our current mortgage terms include a late fee after 5 days, so they’re already paying extra each month and have to split the total monthly payment up between 2-3 payments when they get their pay check.

@Brandon SturgillDealCheck has a complete built-in glossary with explanation of every term/metric, including the exact calculation formulas used.

Both companies provide a Customer help screen that could answer your questions pretty much immediately.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

These typically include services like renters insurance, HVAC filter delivery, pest control, and sometimes utility management.

Quote from @Pablo Avila: There are plenty including myself!

That way, there is some type of cushion to help against any high usage months, should they just happen to use more than your previous tenants did, or if you unfortunately get tenants who abuse the "utilities included" opportunity.