We live in a co-op in queens, and have a little over $200,000 in equity in the home we live in.

Also, to OP-Demjan, it's hard to say whether the lender will ever waive a right, or generally any other party to a contract.

@Ben Leybovich  I came close to building one in Napa CA... but it was a hybrid  in Oregon the company is Kaady care wash.. its drive through but does a great job.. and it takes about 3 to 4 attendants to run it.. you don't dry... you just take money and run them through its a million or more for the equipment plus the land lease... is pretty much self contained and recycled these days.the little coin op ones I think like others have noted are mom and pop deals were you have constant calls ...

Aloha,A little late for the OP, but since this got bumped...I would be interested to see the split on the debt between credit card, student, and vehicle loans.

Based on the prior chain of posts, I had the impression that @DavidR. was encouraging the OP to show the neighbours the report/file to put there minds at ease about the candidates presence on the registry.

This is by no means aimed at the OP but merely for discussionHow do you think a tenant would react if they brought me notice to terminate and I told them no I wanted them to continue to stay there and pay rent ?

@Cameron SkinnerI had to reread your post a couple of times, and want to be sure I interpreted it correctly - did you mean that the OP's improvements will end up allowing for larger depreciation deductions once he starts to rent out that unit?

., I'm not currently leasing on a per bedroom basis, I'm just brainstorming options to help the OP.

The OP is talking about a bank statement loan and they've gone through the roof as well.On bank statement loans, most brokers have their lender paid comp set at 2 points or more, so that wouldn't be considered high, even if it's borrower paid comp.  2K in miscellaneous fees isn't out of the norm either. 

Our Op Ex runs about 40-43% with management on well run 17 year old 46 unit complex.