Any good lease should mention that tenant is not allowed to make modifications to the property. if yours does not, you may not be able to bill back the locksmith but you should still be within your rights to change the lock. as always, default to your local laws.

The seller is asking for $115,000 but I was going to offer $110,000I haven't seen the inside of the house, but since the house is fully occupied I wasn't going to do any repairs on the place yet.Down Payment: $23,000My analysis says:  $1,500.00 MONTHLY INCOME $847.15 MONTHLY EXPENSES $652.85 MONTHLY CASHFLOW 11.51% PRO FORMA CAP $13,233.00 NOI 30.13% CASH ON CASH ROI 11.51% PURCHASE CAP RATEDo these numbers make sense or am I missing something vital.

For example, if one owner wants to make modifications to his/her house, the owner has to submit a request to the committee and get approval.

Even if it was legal you run several risks.  1) You would permanently damage your reputation in an industry where reputation is vital to get deals.   2) You risk major tax implications related to large capital gains.  3) Comps are not solely based on on the units you want them to be based on.  4) Even if this hypothetical plan worked exactly as you laid out you would be extremely over leveraged and underwater on the other units as you pulled out falsely inflated equity. 

There is a modification on the ballot this year but it applies to commercial property only. 

It is vital that you understand the tax sale process and the laws regarding tax sale.

But if you are a "Cash Flow" investor, the Cap Rate is vital.

-Lights & Fans brand/rooms/types -Appliances type/brand -Exterior modifications -Other (anything I forgot to list) -Anything else that you guys have to add about renovations would be welcomed!

Are there any modifications to the written lease?

Whether it be blogging on a regular basis, cold calling, and/or preparing an array of marketing materials, staying on-top of these task and maintaining high output is vital for a few obvious reasons.