Received a quote for $4500 to remove carpet, rehab floors and install shoe mounding. 

The individual loans are each tied to single investment properties with decent equity.

Maybe tie to cut the loss and move to a completely new contractor.   

Try not to tie-in substantial lessee improvements with the option exercise. 5.

I have strong family ties in the Salt Lake City and Idaho Falls areas and interested in those markets as well. 

Hey Arthur, I'm an agent but also a new investor who was recently in your shoes. 

On a future deal I may be in his shoes so I am curious how it looks from both sides.

FHA is definitely the route I would go if I was in your shoes.

The big risk I see now is that property owners are willing to tie themselves into long term leases with long term options and small defined rent increases.

If there was extra land I could parcel out or demo the building and construct a higher density or sell the land to a developer for a fat profit then the building breaking even wouldn't bother me as much.Because the value wouldn't be tied to just the building bit more so the land that it sits on.Also if the rents were under market and you had deferred maintenance that would come in as far as value plays.I don't just look at a property from an income stand point.There are many angles to look at it from where it might make sense.