Pete,Mortgage rates are falling fast and the FED meets September 17th-18th and its a 99.99% they will cut the FED rate by .25. 

Take action and the rest will fall into place Hope this helps!

They want to ensure that the property NOI is amply covering your debt service, and therefore able to cover the yield on the mortgage bond / MBS.As a quick example, let's assume that your property NOI fell significantly, because you decided to simultaneously renovate 25% of the units all at once (taking them offline, and causing NOI to sharply fall for 2-3 months).

And btw, if rates fall even more over the next year, maybe you refi down from 6.5 to say 5.5 which would make you another 4k a year in profit.What I like to do is look at the investment 10 years from now.1)  20k  Rental profit should go up from 5k to about 20k to 25k a year in year 10/11 if you figure historical rent increases out there and the fact that your mortgage stays the same - even with services like cleaning and property management going up some too. 

2 What do I need to put into place to protect me from lawsuits if someone slips and falls in my house while they are renting it?

This building should fall under that, but since the upstairs apartment is gutted, would this property still qualify? 

On average, 20% to 40% of those components fall into tax categories that can be written off much quicker than the building structure.A Cost Segregation study dissects the construction cost or purchase price of the property that would otherwise be depreciated over 27.5 or 39 years.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

By fall of 2021, both the visiting scholars and the vacationers were back in town, a lot of furnished listings had disappeared and I am back to renting at my pre-pandemic rates. 

We just had a 100+ portfolio fall apart because of silent seconds upon refi to achieve a bail out.