Technically, that’s no longer a renewal - that’s a renegotiation of the contract and had we known we would’ve accepted another offer.The whole thing is bizarre, I have a sense they have an agenda they’re not disclosing because at this price range, with kids enrolled in great private schools nearby, our experience has been the opposite - families wanting to lock the house down at their sole option for x years at x price.The arguments the tenants presented are very bizarre as well (what if lightning strikes the house, or I decide to adopt 4 children and need more rooms, what if I need laser surgery only available in Europe).

The idea you’ve got isn’t a bad one but I’d want to do some research before you lock yourself into a lease at 1000 a month.

Was it prior to locking down a lender?

Rate is variable of course but locked at .25% minus prime.

In short, hesitate before you change the locks because you believe the tenant may not live there (half moved out). 

Legalize the area as part of the main house, but plan it so you can lock the separation door and informally ‘seperate’ the units.

With it being built in 2004 (which is the same year as my facility Phase 2) You may be looking at needing to replace some doors, door handles, sliding locks on the doors, possibly repainting the building.

I was thinking maybe a wraparound mortgage was the answer, but I read somewhere that they can't be refinanced - you're basically locked-in for the length of the loan?

If temptation is a problem, then locking it into the asset and accessing with HELOC might be better.I personally like having cash ready for deals, and I also used leverage heavily to expand.

If my cash is locked up, not as easy to get my next deal.