Also, I’m pretty new to this but I’m assuming you’d have to have an LLC in place to accept hard money or money from private lenders? 

Quote from @Gary Campanaro: I wouldn't consider it unless it were agreed to up front.Cancellations are part of her business, and she needs to accept that.

@Thomas Farrell if you have any experience managing property/construction projects, I would look in to flipping properties and keeping the once that you see an acceptable cashflow on when finished.

So every couple of years we get to the point where we can’t accept the PM company’s performance and we have to look for a new PM and hope we find a unicorn. 

.: In a prior post from about 2 months ago, Kerry Malarkey and Nathan Gesner mentioned a small landlord is exempt from FHA requirements requiring the acceptance of emotional support & assistance animals if one of the following is true:"Owner-occupied buildings Properties with four units or fewer that are owned and lived in by the ownerSingle-family homes Homes that are sold or rented without a broker by the owner, as long as the owner doesn't own more than three at once" (Quote from Nathan's reply))https://www.biggerpockets.com/forums/52/topics/1219359-pitbu...Given this, if a landlord does qualify for the exemption, what exactly does this mean? 

I am starting to think it is such a low number that the owner will never accept. 

My offer just got accepted for an REO property and needs some rehab before we can close the loan and ready for rent.I got call from a lender LOANGUYS to do a bridge loan.

Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs.

For this deal to work under those conditions, the purchase price would need to be closer to $179k.With your original assumptions 249k, the deal is marginally acceptable but not great, given the negative cash flow in the early years.

yes create the addendum but realize the tenant who has been paying could ask to be reimbursed for these costs as well as not accept the addendum.