First, that investor telling you of a minimum IRR doesn't have a clue, IRR is rather irrelevant especially to predict, no one really knows what the IRR will be until the future.If you're going to look at the IRR, that 5K isn't your total investment, it's an additional 5K you put in to restructure your financing. 

Would it be against the law to copy those few lines and add it to ezlandlordforms lease?

Just make sure you screen tenants properly, and they will be a welcome addition to the neighborhood.  

Is this valuable or should I stop building the list?

But in addition, if the numbers look good, you need to get this house under contract.

BP is definitely LOADED with very valuable information and I can't thank @Joshua Dorkin @Brandon Turner and everyone at BP enough for putting together such an incredible network and community.  

Additionally, you could also choose to keep the house with the option of foreclosing on the property and take full possession.Does that help in any way?  

You have to also account for all the additional repairs and costs that would go into all the units to make it rent ready.

How many additional properties could you have bought if 75% of that money was yours instead of the banks?

In my instance, I let them out of a contract but asked them for an additional month's rent and security deposit.