@Greg ScottIt sounds like you're a shrewd real estate investor so some of my comments might apply less to you.

Have all parties initial the section lined through to show they agree to the change.Also, line 3 says the late fee only applies to "Periodic Rent" which shoots you in the foot because there's no provision allowing you to charge late fees on the other charges.Where did you get this form?

On the phone with someone who has seen the house and wanted to talk to me before applying,"What's going to happen with the basement?"

Anyone here require their painter to roll instead?

VA property standards will apply here, and commercial real estate tends to be more beat up than residential in general, and on top of that high vacancy real estate is also almost always beat up real estate that has been poorly managed and maintained for several years.

I have my painter itemize extra charges so I can deduct from deposit.

.- 20% equity after rehabbing- 4% Cash on Cash return- 5% Appreciation rateWhat are your thoughts on this base definition and how does it apply to Charleston? 

agree with everyone else one thing to have it on a home you live in. but for a rental no way.your tenant expects stuff fixed.. even manufacturers warranties are fairly useless to the landlord.one of my units had a 2 year old water heater crap out.. but by the time you apply for the warranty etc what do you expect your tenants to do go without hot water for weeks ?????

Do we have to disclose this to the lender, either at the time we convert to a rental or even up front when we apply for the HELOC?

Now that you have purchased your property, you may have to apply for your business license with the Commissioner of Revenue for a small fee and receive your business licensure checklist.