@Eric Villafana Depreciation can always be added back in and if that does not work try using bank statements.

That said, if the lease allows subletting do you know if you can require the current subletters to be added to the lease as sub-tenants w/ the addendum or is that something that you need to make sure you catch when a new sub-tenant moves in? 

@Matt Henshaw no need to buy insurance on your PM entity unless the PM entity is managing properties not owned by you.I would suggest having your PM entity be added as an Additional Insured on each policy.  

Any board member can request an item be added to the agenda and acceptance of the agenda should be the first vote after a quorum is acknowledged.

I would greatly appreciate if someone proofread my contracts and gave feedback and advice on what information needs to be added or omitted.

The only way this deal would work at that price for me is if rents are low and the units to be added can be done inexpensively. 

Or, you could re-enlist, get all your licensing requirements out of the way and then, when you don't want to be AD anymore (maybe getting too busy with RE), transfer to the Guard or Reserves to fulfill your commitment (AD could do this back in the day, but you'd want to check with recruiters and see if this is still an option).My whole point is, if you start out as a new agent in a new place with no network, it will be really tough-going.  

All different owners, in the same town, fantastic neighborhoods with plenty of value to be added.

The relevant section is here:Treatment of the Income (or Loss)The amount of monthly qualifying rental income (or loss) that is considered as part of the borrower's total monthly income (or loss) — and its treatment in the calculation of the borrower's total debt-to-income ratio — varies depending on whether the borrower occupies the rental property as his or her principal residence.If the rental income relates to the borrower’s principal residence: The monthly qualifying rental income (as defined above) must be added to the borrower’s total monthly income.

You can raise the rent if the market warrants an increase and as long as you follow any required notice periods for increases per your state law.If HUD allows the additional parties, you may not have an option if they can be added or not unless they fail your screening criteria.