I would exercise extreme caution when factoring a refi to pay off any debt.Personally, I am using a HELCO for my ADU project in San Jose, California.

They said that when they support other SBA loans there are usually fairly sharp teeth similar to these terms (but not as bad for sure) but that USUALLY there is only an issue if you miss payment/s -- that is usually when the SBA starts asking questions and/or digging into their ability to exercise these options.

“Bedroom” does not include a hallway, bathroom, kitchen, living room, family room, dining room, den, breakfast nook, pantry, laundry room, sunroom, recreation room, media/video room, or exercise room.

Even though I never conducted the rehab, I went through multiple exercises, conversations with contractors, etc because it was my intent from the beginning.

Exercising some patience while you learn the ropes is a viable way to start your investing career.I hope this is helpful.

But I would exercise extreme caution if you decide against hiring one.  

There are other pros to the plan, but I believe exploring your options with it is a valuable exercise.

But weird he didn't disclose that to you...andn weird you wouldn't ask for the what the option price is when you're ready to exercise it. 

And you'd do the same exercise for the POH rents.You'd divide expenses such as: Fixing the plumbing in a home - that's a POH expense.

I have contacted an attorney for advice and was told to file an Unlawful Detainer lawsuit, but unfortunately, the moratorium is preventing us from exercising our legal rights to do so.