Diy improvements over the next year can put you in a great situation to refinance the equity in order to come up with the 20% down payment for the rental property.

Make sure you follow your state's rules about amount of notice required.

I suggested he fix the exterior and common areas while he's improving the two unrented units.

There are a lot of details the public is not aware of and that's why I set up a specific forum to discuss the rules.

You have to submit an Operating statement for the past two full years and Year to date, Rent Rolls, Copies of leases, a letter of experience for property management, and a history of capital improvements for the past 3 years.  

Does anyone have a "standard percentage or rule" they use for setting aside cash for the unexpected during a flip? 

Unfortunately, there are so many rules and regulations around disclosure that it's not worth it to them to talk to you even if they could eliminate their foreclosure timeline by entertaining a short sale or settlement.

Using the 50% expenses "rule" (which doesn't include mortgage), plus mortgage, the return per door looks to average ~$285/m?

Can a majority owner dictate any rules about specific things you can do with your unit?

Is it a good idea to purchase homes seperately to avoid the 10 mortgage rule or should we focus instead on our combines income to reduce the debt to income ratio?