First, I would use the lease renewal to alter the terms - - it's naturally expected and automatically spreads the work over time.If you're careful and only increase by 10%, you may avoid all vacancies :)

Thanks for you help BP I suppose it would depend on the nature of the leak.

  (20% of the loan value plus a fudge factor to account for the up and down nature of stocks). 

To be honest, many times an LLC is useless because the business owner "pierces the corporate veil" which basically means that the natural person and the business become one in the same.

I would give a significant reduction in rent, at least 50% but probably not charging anything for the 3 weeks the work went on due to the nature of the problem.  

Was the condo FHA certified?

So, what's the natural progression--or what should the natural progression be, all else being equal?  

@Tom HertelGo to IREM.org search for ARM certified property managers.

It's usually more the unique nature of your specific situation that raises questions.  

A commercial loan for the 'prior to fully stabilized' stage is the best alternative if you can do it.Depending on the nature of the asset and the exit strategy for you (i.e. fix and flip, hold for cash flow, etc.) the financing changes.