I’m surprised you even got him to agree to a lease with a three month rent break clause.

Yes if you have tons of reserves to cover yourself when the sh*t hits the fan, then sure....you can ride the storm when your are leveraged up the a$$ and it all tanks....but most people that are leveraged that high do it because they don't have the reserves sitting around.......they cant weather the storm for 2-5 years until they can break even again.....It surprised me how many people are back on the gravy train of leveraging the hell out of everything because it will never go south again....dangerous road.

You would be surprised on the demand for larger properties.

Also, surprised no one said call a wholesaler for a win win. :)

So be sure to ask your loan officer to give you a list of closing cost so that doesn't surprise you when you get ready to close.

I could have done the same just buying retail.Third was a surprise. 

I wouldn't be surprised that if an inspector catches this, you'd be susceptible to huge fines. 

@Michael Mullins  pls keep me updated, I am interested as wellBy the way, Wells Fargo does HELOC on a rental :) nice surprise from the big bank :)I am looking to refi as well, my previous experience - local banks offer better rates and I am checking with Quicken Loans as well.

You'll be surprised how compelling your rationale/insight can be on getting a fair price.  

I was pretty surprised, but they put about $60k into it.