Do you offer them the ability to rent from you as a normal tenant (w/o option)?  

Recovering the property and removing the tenant / buyer is a much more arduous process than evicting a tenant under normal terms.

That price is normally adjusted for annual maintenance costs (roughly 8% per year).

Anywhere your exit strategy is selling to other investors...they will normally look at CAP rates for comparison.It is rare I've seen condos I thought were good investments. 

ask  lender if there is a value  reconsideration process that can be done ….if there is - you normally need to  provide factual  information about any  errors on the appraisal and also   sales  comparables you feel that should be used that the appraiser  didn't use or  missed …….also  worth noting - often appraisers  will try to " bracket a propertys value  meaning  trying to locate a  nicer comp /  an inferior comp and a similar comp …...so maybe the  other comps  found / used  created this lower figure ?

I know that is an open question but what is normal?  

Normally we would just wait until after closing on the third property to apply for a business credit card but we are about to undertake about $10,000 in renovation expenses on one of the properties in the next two weeks and I would like to use a credit card to pay for our materials and also our contractor (if possible). 

It's normal thing to do.

But this money is more risky to the bank (so a higher rate is normal), and they have a limited supply...so they need it back sooner (so shorter terms). 

A year is pretty normal.. and can be much longer..