Renovations would likely come in at 50-60k for an ARV of 80-90k or rent for a total of $1,800/m. As

You get up to 10 conventional mortgages before Fannie & Freddie say "no mas".  

I just don't want to delay any potential payout being X-Mas and all.

@Mas Yoshida, my experience with them was thru the sign-up.

Some options we're considering are:1) Letting her break the lease and we:a) Find someone else to move in before doing renos.b) Do renos, and raise rent (though before X-mas is a bad time to get renos done).c) Find someone to rent it for a fixed term lease before doing renos.d) Furnish it, and make it available for medium-term rentals (I'm an ex-circus performer, and wanted to provide cheaper than Airbnb medium stay housing to traveling circus professionals). 2) She can lease transfer.

So in summary, assume this is the new norm and if it ever goes down, consider it an early x-mas. 

@Alan M. As

@John M. As

I do see my post represents just after midnight so it does say Dec 24, but I did not work on X-mas Eve, X-mas Day, or even until just now the day after X-mas, hence my tardy response to your post and all the others.

But it's also well known that in those SAME markets, gross rental return will generally be LESS than 1%/m of the property's value (not necessarily the original cost), which still makes it hard to get positive cash flow (when leveraged at 80%), even though expenses might be significantly less than 50% of gross rent.Lee, you may well be benefitting from a buoyant rental market, but can I ask: what IS that $2,800/m as a percentage of your property's value?