I don't concern myself with the late fees at that time, they can be collected at a later date or the end within the security deposit.  

Be honest with him/her in that you're concerned that you have underestimated the repairs of the property.    

If you would like to reach out and discuss your concerns or interests and goals, please don't hesitate to reach out.  

Additionally, while a precipitous fall in oil prices has had a negative impact on “oil patch” locations, it has effectively increased the spending power of the American consumer.While there are still concerns regarding the overall health of the economy, the current real estate lending environment remains active and strong as a whole.

Therefore, if I'm looking to acquire a mutli-family property using residential loan terms and interest rates, my only option would be a duplex - and I am concerned that the cashflow on a duplex would not suffice to cover expenses and mortgage payments, especially given that I will be occupying one of the units to obtain the loan and 'house hack'.

Your tenant may have a legitimate concern, BUT it could also be a ruse to set you up for a lawsuit. 

So your concern is the due on sale clauses in the seller's mortgage?

My major concern is around ability to refi after 5 years

I have read a lot and searched about setting up a park but still have plenty of concerns on this.

My main concern is this - "how many people are going to have enough to put 10% down on the deal?"