@Chad Clanton Thanks for chipping in! 

FHA Loans do have requirements that a lot of times don't pass appraisals. the biggest one that I run into the most is peeling and chipping paint inside and out. if the home has any of it, it will not pass inspection. sometimes it is over looked but a good appraiser will see it and call it.

Impossible to chip with a hammer.  

My only thought was to remind me of a narrative that I used to decide NOT to follow up with a particular prospect, or something like that (ie. noticed he was 12 minutes late to showing, never called to give heads up, sounded like I woke her up when I called at 9, dog barking, eating potato chips while on phone with me, etc.)

Your negative cashflow will decrease annually as rents rise, and the debt on the property will slowly be chipped away by paydown and inflation. 

Keep in mind: a million dollars in equity in prime, blue chip real estate (SF Bay, Costal CA, Manhattan, Hawaii, etc.) is a different animal than a million in boom/bust places like AZ, FL, NV, etc.

Another oven tip: You can get new drip pans if needed at any tenant turn overs, and there is a white, black and almond epoxy appliance touch up for any chips or dents (in a nail polish like applicator).

Chipped, flaking paint is the culprit.

It also says the paint surface must be "defective" which means chipped or peeling paint.In states with laws like this, it makes sense to have the home tested and abated when time permits so you can get it done and over with.

I mean if you’re ok chipping in $50 what’s another $50 to buy your own 5,000 btu unit outright that goes with the house.