Based on the current rents and expenses, which I expect will change after some modification, the property will cash flow about $525 a month, with a NOI of $21,560, and a cash on cash of 10.8%.

Almost a month later, they sent us a denial letter in the mail stating that our interest rate was too low to qualify for a Loan Modification and wouldnt end up lowering our payments, and also stating that a repayment plan was off the table because we didnt have enough surplus to make the higher payments.

BRRR is all about buying below market and either fixing up the property or creating more value with modifications you make to the asset.

Any good lease should mention that tenant is not allowed to make modifications to the property. if yours does not, you may not be able to bill back the locksmith but you should still be within your rights to change the lock. as always, default to your local laws.

For example, if one owner wants to make modifications to his/her house, the owner has to submit a request to the committee and get approval.

There is a modification on the ballot this year but it applies to commercial property only. 

-Lights & Fans brand/rooms/types -Appliances type/brand -Exterior modifications -Other (anything I forgot to list) -Anything else that you guys have to add about renovations would be welcomed!

Are there any modifications to the written lease?

I'm told by my agent that the current (or previous) seller that did the modification to the garage did not do all of the proper permitting before doing the construction.

Assuming lender is willing to work with you, you should be able to work out a modification/renewal that would get signed at closing by seller and lender along with the transfer document(s) that would be signed by you and lender.