There are a couple of other outstanding items which I will post about if I get push back on those.  

Michele, so if the tenant is good do you wait a couple of months and, pending them being outstanding tenants, sign a longer lease. 

The paragraph you will insert into the promissory note will read as follows: "Maker of the note has the ability in the future to recollateralize this note to a different property just so the equity in that property and the cashflow in the substitute property has equity and cashflow to support the outstanding principal balance and the monthly payment." 

Run the numbers for what the average home is sold for, subtract expenses of handling the property and outstanding loan balance use that number to calculate what % you can feasibly work with.

I am fortunate that I have no outstanding debt except a mortgage.

Wow- some outstanding points to consider here. 

And you want the payment and the outstanding principal balance reduced.

That day, I called a local builder who does good work for relatively low prices (he owns his own equipment outright and gets outstanding deductions on appliances, and building materials).

If I were investing in middle TN, I'd be looking a lot at Williamson county - in particular, the city of Franklin - I think the potential there is outstanding

Then, you have to convince the contractor to go back and fix any issues...usually at more cost.The TK company brings in a 3rd party inspection, shows you what came up, then sends their crews back to take care of any outstanding items.