I think the language you mentioned basically just means they have the right to say no, but not simply because they're hitting grand slams.  

My advice is to require them to pay the full balance upon the next payment.

And even this requires some funds - closing costs on the buy, monthly payments to the seller, and other holding costs, insurance, appraisal on the refi, etc.

For the first 4 loans or so, lenders are going to be less aggressive (requiring more down) than if you have several under your belt.

For example, State Farm typically requires the latest inspection report for underwriting on multi-family properties that are over 30 years old.

When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

Yes, my banks require a 1.2 DSCR debt service coverage ratio, meaning they want to see rent 20% higher than the mortgage payment.

So you feel like you get plenty of money from your not paid off rentals that allow you to quit your full  Having enough cash flow to quit your job isn't a requirement to qualify for cash flow.If you have to have a paid off property to get positive cf, does that mean I have to give back all my positive cf while I had mortgages on a property? 

Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

.  --- From the zoning code it says, an RM-2 zoned lot can have "1 unit per 2,500 sf. of lot area"If you don't meet that lot size requirement you'll need to make a request for a variance, then post notice about the desired change in front of the building.