Some of the best BRRRR deals I have seen play out this way:You buy a home cheap enough that when you do a renovation and pull out 75-80% LTV, your rent covers your mortgage and you have returned most of your investmentThis is for A-B class areas. 

I would send a letter to all units of the building reminding them of the clause in the lease you cited and let it play out from there.

Will need to know density, parking requirements, can the building withstand building on top, lot size, future planning etc…. depending on how well the zoning and platting dept plays with others!

It’s a bit like playing Monopoly but with real addresses and real money.. and when done right, it can feel like unlocking a secret level in the real estate game.But hey, no point pretending it’s all sunshine and roses.

You may pay 1.5m and up for a good one, likely more if parking and balconies, but the play is to buy a multi and then wait and in a few years, turn them into condos and sell them separately - that's how you make the money there.

:)The only beef I have with your post is that you are already assuming their is going to be beef between tenants and you are going to have to play peace maker.

You're not playing  landlord anymore, but can make some $$$ if/when you need to.

I never had that come into effect on my single family home purchases since I never wanted to personally be on the hook for such a high mortgage, but I think it might come into play for an MFH. 

After 20 years in real estate (before DSCR loans were even around), here’s my take: Tampa and Central Florida are gold mines if you play it smart.

Although I probably get killed on transaction fees which is part of why I am not pulling the trigger (along with lack of time to execute well).There are games you can play for increasing your returns in the stock market (sector rotations, rebalancing, being a good company picker) but you lack operational control.