Two things not covered so far:1) If a buyer challenges a seller-financed transaction, the Dodd-Frank penalty is that the lender must make the buyer whole.

Ben Russell has done an excellent job of covering differences in the lease.

Then pick up the blue in the window coverings.

I'd suggest using a minimum of 25% of gross rent to cover expenses on paper until proven otherwise on any given property.Only you can decide how much cash flow is acceptable but I wouldn't consider something that essentially breaks even.

Also, are you trying to avoid one with an ice maker--potential here for additional maintenance if any issues arise.I've had Whirlpool, Samsung, Frigidaire in properties without any issues.Make sure you're aware of what the manufacturer warranty covers things such as parts, labor, and compressor.  

Your tenants cover most or all of your mortgage.

She said she has requested a check out of her 401K to cover rent but doesn't know when the check will arrive.

If you use the Heloc option and decide to rent it out, don't forget that property (or you) will have to cover both your primary and secondary position notes.I don't personally see Marin being a great mid term market.

Multi-family for me has been the way to go and has left me assurance that even during vacancy, I will be covering most of my mortgage. 

Once that's covered, you can go all-in on those fabulous renovations.Effective marketing plays a pivotal role in attracting tenants and increasing property appeal.