The numbers worked even for continuing the long-term renters, but our plan was to convert 1-2 1BR units to Airbnbs when leases expired.

That way you get your mortgage paid for and can continue to save money while living in your asset

As accounts and the length of your credit history age you are continually rebucketed.

He is under contract with them to continue to do this.

It either has to come from your own resources or be gifted to you.I suspect it works similarly in your area.That said, there will be folks who will tell you ways to circumvent this requirement ... and it happens routinely, but in the end the lender could pull the plug on you if discovered ... or worse, the words mortgage fraud can come into play as you will likely attest that the downpayment comes from your own resources.

So part of our investment thesis is the continued growth of a neighborhood I know is on the upswing.Obviously with the repairs needed, and the fact its not acceptable for occupancy, there is a major opportunity for forced appreciation, and the current rents would be all but impossible to use to do any calculation of returns.  

Start some kind of store or service in there which could possibly make much more money, or play it safe and just take the rent money from a new tenant?

The lease is ending this month, they are going bankrupt, but I heard they want to continue for another month or so while they finish their last few jobs.What rights do we have as landlords of a commercial property in this situation. 

I play an active role in managing the projects and act as the buyers agent on the front end and listing agent on the back end.

Trying to set up some self-imposed 'trading rules' for myself as far as flooded properties go -- to what extent, in what areas, I will play in that segment -- but that is a whole other topic, though, isn't it.So there you go, another new guy in HoustonMark