You certainly have provided some excellent thinking points for me as I move forward to owning a rental.  

FHA 203(k) Loan BasicsThe FHA 203(k) loan is an excellent option for financing a multifamily property (up to 4 units) with only 3.5% down.

@Ben Trageser Stessa is an excellent platform for tracking investors' income and expenses; it is user-friendly.

This probably implies FIRE in his 20s, but I hope he is passionate about the path he has chosen and excels at it until at least a more traditional retirement age.He started the 2nd rehab he is leading.  

you can open it on excel, numbers, or google spreadsheets.

Basically if there is no "living room" and there are no comparable properties with similar square footage and bed/bath count in your area the property becomes difficult to comp or sell and lenders will not be able to use it as collateral for a loan Excellent point.

The property has been in excellent condition since it was built two years ago, and I’ve lived there myself without experiencing any similar issues.The lease is a standard Texas lease, and I’m seeking advice on how to approach this situation fairly.

I personally use Excel for everything!

We did have confusion regarding where the physical, blank checks would be sent to, but it all worked out.

That alone could ruin the outlook for you, so just make real sure of the physical condition of the property.