Sadly, it is FHA loan so stuck with it throughout the loan regardless of amount of equity in the property from my understanding (although they recently change the FHA rates so think I can get a slight adjustment)3.)

The max LTV is 50% (chose between a fixed rate or adjustable) as long as it is free and clear.

From my experience ARMs typically adjust annually or semiannually so you get a fixed rate (often lower than 15 or 30 fixed) for that period of time.

Also, if you have made any payments from when this process started, the loan should adjust on the final paperwork.

Unfortunate situation but it sounds like you already know what kind of adjustments you need to do in your lease and screening applicants for the future. 

I'll have to see what happens and adjust it! 

I assume that once I am ready to roll out the attorney can adjust articles of incorporation to meet the purpose of company.

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

Typically commercial mortgage amortization is 20-25 years instead of 30 years but sometimes you can find 30 years and rate may adjust every 5 years based on prime rate or treasury bill.

If you are not already using software specific for property management, you most likely will someday (because traditional or manual accounting is a terrible time sink for landlords).