This is required for most landlords in the city, as part of the rental property registration program.

I am realizing some of the gaps in my book knowledge and the practical knowledge required to see a deal all the way through.

For example the license should not only have a cost but also require at least some compliance training targeting some of the most common issues/complaints.

My advice is to require them to pay the full balance upon the next payment.

When you tell them they will only get paid when the loan closes, they will disappear.If required, the only money you should ever send to the lender is for a credit check.

I think I will not let him make this upgrade as a 5 year payoff would require over $100/month additional rent.  

Given the competitive market at the time, every property was receiving multiple offers, and securing a deal required both strategy and speed.

(eg, if your lot is not the standard 25 x 125, but some other multiple where the width is actually skinnier than 25, and the lenghth is longer than 125, and you want to reduce side setback requirements, eg.) 

The market has plenty of older properties that need renovation, a favorable refi environment, and is generally landlord friendly.That said, it's not all upside Cleveland has slower appreciation, harsh winters, and older homes that often require significant repairs.I sold over 50 value add deals last year and I can say that if you have even a "good" GC crew (doesn't have to superstars) you can raise and repeat this process all throughout the Westside and parts of East.

Both turnkey properties and properties requiring minor rehab can be viable options.