Well, you say in you first sentence "that set the rent for four years". 

As another poster said..............Cap rate and small residential multifamily or SFRs do not belong in the same sentence.

I agree with Ronald Reagan in many respects when he said the scariest sentence in the English language is, "we are from the government and we are here to help." 

On the day of the eviction notice expire, my property manager gets an email from the health inspector with just a sentence "For your information" and a photo of his citation log book reporting mold everywhere and needs to be fixed asap.

Nashville and short term shouldn’t be in the same sentence. 

However, you would have been making a huge mistake even before you would have refinanced...assuming you could have.The words, Lease Option, and rehab should NEVER be used in the same sentence. 

There should be a sentence that defines what the “deposit” is, and a place to state the amount.

In everything you wrote , you had one sentence that stood out. 

Lives break just as easy as houses, but are much harder to fix.This little sentence hit close to home for me and really puts things into perspective.

From conversations with previous tenants, the landlord is currently serving a prison sentence having inherited the properties unexpectedly.