It is the only way to gain financial independence.I hope you read the sarcasm in that comment.I will assume you have more experience over time than just the 4 units you currently own.  

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.