Peeking into the financial statements reinforces the wisdom of renting in a high-priced area like central Tokyo (would apply just as well to SF, NYC, etc I'd think) - they are only making 4-5% net on their building!

If any of the rafters or trusses have charred wood but look able to be reused then you’ll need an engineer to submit plans to strengthen and reinforce.

In doing so, I reinforced the late fee and delivered Pay or Vacate Notices.

I'd recommend watching the webinars:https://www.biggerpockets.com/webinarThere is some repetition if you watch the webinar's but I like it and it reinforces the basics.Also, someone recommended books to read, I like the "No Money Down" and the "Book On Rental Property Investing".Also, I've been using PRO which I think is incredible, especially the calculators, you mentioned BRRR so sounds like you may be using already.  

I reinforce to them the importance of communication and they understand.

I know you're both against it but just to reinforce this point for BP, anyone who applies for mortgage as a primary residence knowing it will be for investment purposes is OCCUPANCY FRAUD and is a FELONY!

Do I make it nicer to achieve a higher ARV or a rental ARV and achieve significantly lower ARV.Numbers:Purchase - $168,000 (Very small chance I could make it $165,000)Full Rehab (Achieving Maximum ARV) - $78,000Rehab Quality ARV - $320,000Rental Rehab - $65,000Rental ARV - $270,000Rental Comps - $2000 - $2150 per monthTaxes - $4300Insurance - $900I'll look at 10% Vacancy, 12% Property Management, 12% Maintenance and 7% Cap Ex.Tenants will typically pay for all Utilities.Area is brilliant, close to Chicago itself in a desirable area.I'm looking to partner with another Investor that will potentially buy all Cash - Purchase and Repairs.I feel this could be a deal but could also use some reinforcement as to whether I'm on track or to let it go.Anything else I've missed, please let me know.Thanks everyone,

Im thinking that too much reinforcement will be required if the garage is made to be on top however I certainly think we are on the same page.

This reinforces their obligations for payment and care along with reduces the Landlord's loss of use time frame after move out. 

And I absolutely plan on going the house hacking route(probably the only way I can afford to get in) so thanks for reinforcing the idea!