But in addition, if the numbers look good, you need to get this house under contract.

Additionally, you could also choose to keep the house with the option of foreclosing on the property and take full possession.Does that help in any way?  

You have to also account for all the additional repairs and costs that would go into all the units to make it rent ready.

How many additional properties could you have bought if 75% of that money was yours instead of the banks?

In my instance, I let them out of a contract but asked them for an additional month's rent and security deposit.  

After additional research I found out that his license has been expired for two years.

I have designed and built several dozen projects from New Construction to whole-house remodels to deep energy retrofits to additions and kitchen and bath remodels.I'm the Owner/President of Boston Architects and Builders, Inc.

My question is, should I expect additional hoops to jump through when refinancing the first rental, even though we'll own it free and clear?

Or is there a deeper mindset that has no desire for the additional "baggage" of owning a home? 

...for a $45 additional fee no doubt :)