Banks could not charge more than 10%, such laws have been changing with the SAFE Act/Dodd-Frank bitter pill taken by institutions and have been modified allowing higher rates for such lenders. 

I work with a lot of younger military members in and around Pensacola and frequently we are looking for something for them to occupy while they are stationed here(but potentially rent out rooms for a modified house hack) and then rent out once they move on to their next duty station. 

You made a verbal offer to extend the lease you sent over to sign, if they are unwilling to sign the new lease they are under no obligation to do so but you don't have to modify the lease if you don't want to. 

Also throwing this in the discussion for any visitors who are looking for creative solutions-- Jim, if you get the note reperforming, you could hypothecate it by using it to collateralize a loan or just sell off a partial of the modified loan for a return of capital.

Not sure I'd be willing to modify an old chimney on a low rent prop.

Learns about your state and city laws regarding renting and you can find a basic form online that you can modify and have a lawyer review.5.

@Brandon Turner, would you typically modify this analysis in any way if you were planning to house hack the property?

A whole life policy is being modified to behave like a compounding savings account with a guaranteed death benefit. 

If the loan kid did not go through as was legally obligated, I would have worked with the seller to sue the bank that was obligated to modify the loan.

I bought an apartment building last year at 4.5% but because my bank knows how conservatively I manage debt they offered to modify for a small flat fee to 3.55% in December.