Unfortunately, some renters will say anything—even things that make no sense in an alternate universe—to avoid responsibility or financial consequences.

Good luck on your journey and I hope you provide the financial security you hope for to your daughters. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.

You don't want them to just be financially qualified but you failed to investigate how they treated their past two apartments. 

I did all of mine several months ago as they are single member LLC;s and I already have to go through fingerprinting, background checks for my NMLS license as well as audited financials for our fund.

keep it to 1 page is my best advice and simple. have financial returns broken out beforehand 

An article from The Mortgage Reports explains:“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals.

Looking forward to building a better financial future.

It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage.