I am currently looking at Clevenland, OH as well as Montgomery, AL and Buffalo, NY.

The current owner should make the repairs and charge the tenant.

That said, there is currently no patio in the backyard.

@Derek BleamTo Me, if it’s not broke don’t fix it - what is wrong with your current setup ?

Change things like interest rates and rent payments if they are not currently agreed upon to get a more comprehensive view. 

For example, if the previous last month's rent was $1,000 and the new rent is $1,100, you would request an additional $100 to cover the increase.Update the Agreement: Ensure that the lease renewal includes a clause that reflects the new last month's rent amount.Refund and Repay:Refund the Previous Deposit: You can return the last month's rent from the previous lease to the tenant.Collect New Last Month's Rent: Then, collect the new last month's rent at the increased rate as part of the lease renewal process.Steps to Take:Review Your Lease Agreement: Check the current lease agreement to see if there are any specific clauses regarding the adjustment of last month's rent upon renewal.Communicate with Your Tenant: Inform your tenant about the rent increase and how it affects the last month's rent.

We currently live in Raleigh area. 

He would like to see a 7% return on his investment, interest paid monthly, and his money back when we eventually sell or cash out refi (~10 years out).Our current intentions are to live in the new building, rent out our primary, and short term rent the 3 units adjacent to our unit in the new building.

To do that, you would transfer all or part of your current IRA account to a new custodian that allows you to self-direct investments.

This will definitely change the game for flippers who aren’t currently using licensed contractors to do the work.