My agent sent the buyers agent a copy on the 16th (following day).In the meantime, a previous party has expressed interest in the property and upped their offer enough to get my attention.Here's where it gets interesting.  

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Any rent money would be deposited into a savings account with the express purpose of future repairs/upgrades to the property.

The ad only showed the outside of the house and didn't really express just how well kept it was for the area it was in.

You can get an SBA express loan (for Lines of Credit up to $350,000) or a 7A loan (term loan, but you can get them for working capital, it will be amortizing though).

Now even if interest rates go up in year 10 it probably means that rents  are also going up so even at a possible higher cap rate the "value" can be higher since your NOI will be higher.BUT, the main thing to realize is that cap rates are based on the market's perception of value of NOI and all cap rates are is a means of expressing that value.

But I've got to first line up a replacement PM before firing the current one.Meantime, I'd like to reach out to the tenant because1) The tenant had expressed (through the leasing agent at the time of lease signing) a desire to build a deck and backyard fence.

I have a friend that has been approved for a $200k home loan and he has expressed interest in joining me in building a real estate business.

Let's say the tenant is a model one for the 15-month term & they come to you and express they would like to go month-to-month. 

I have a close friend of mine renting the property from me and he has expressed interest in purchasing the property.