I did a thorough background check on them and as far as income, they definately qualify and have always paid on time.

If the potential tenants don't make that, they don't get the place.Another example is to have a clearly defined rule for previous evictions.I think if you clearly define your standards on these issues you will avoid tricky situations like this.Also, definitely do not put someone on the lease who isn't living there.Good luck!

@Tye Foster start by defining your goals and objectives and then identify markets that best match those goals.

(a) “Common Area Operating Expenses” are defined, for purposes of this Lease, as all costs incurred by Lessor relating to the ownership and operation of the Project, including, but not limited to, the following:(i) The operation, repair and maintenance, in neat, clean, good order and condition of the following:(aa) The Common Areas and Common Area improvements, including parking areas, loading and unloading areas, trash areas, roadways, parkways, walkways, driveways, landscaped areas, bumpers, irrigation systems, Common Area lighting facilities, fences and gates, elevators, roofs, and roof drainage systems.

@Kenneth Futrell Define motivated?

How is coop or condo defined in Bronx area? 

Also included are floor plans, exterior elevations, building sections, details, schedules of project components within the scope of work.

You'll need to also define  your monthly revenue and expenses for each to truly compare them. 

As for the 50% rule, the BP Calculator also lists the 50% rule as part of the final list of info and I've been taking a look each time at what appears there compared to what I get when I break out the components individually... to get a better sense of both approaches.

You might want to define if you're looking for TK multifamily or value add MF.