Tough choice between shower or kitchen, but I would want to be 100 percent sure you really will have enough hot water if you do the shower.

@Kurt Kwart - That what I initially though of the busy season and the same stores each year but have come to realize a small percent of them are rentals most are self own properties running their businesses.

Seller financing, buying subject to the mortgage, and using private money is how we still buy 95 percent of our deals.

I give my PM 10 percent and she manages bills, maid, gardener, handyman, etc.

I just want to chime in because I broker a lot deals with investors, and you can do better... but it is important to note that is consistent with where the market is right now for many investors and your relationship and experience with the lender is important as well... might not be worth burning a bridge or hard feelings over a quarter percent... just my thoughts.I'd also pay attention to the posts by Jay H. as well, as he makes great points.

The Investment loan would carry a 5.5% interest rate, at least a full percent higher than if we went conventional or FHA with it as our primary residence.

I find more deals than I can buy today, so if there is another crash in my lifetime, I am ready.

It sold at the tax sale for almost 80% percent of retail and it had other small municipality liens. 

My calculations do not take into account the percent of the population that have committed crimes- so that 1000 person number is probably lower but I am not sure how to quantify by how much. 

Or is there a way where she gets a percent of the net income?