I would also share pros and cons of paying taxes on the windfall versus owner carry.

And, it's amazing how many closing costs are junk fees that we as investors need to pushback on paying for ourselves and our clients.

For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.Agree here! 

Utilized a low down payment loan, maxed seller credit, tax proration and closed on the 1st of the month to maximize my cash and acquire this property What was the outcome?

I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.

I would see what the potential fees would be for refinancing though.

Property taxes creep up, exterior repairs , and a brand new HVAC last year wiped out $11k of reserves.

There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood.

He will get around $3,100 tax free Base housing allowance and will have $150,000 he can put down.  

The fact that you have a TAX-FREE income is crazy good.