Most major investors require you to hold the loan for a certain period of time for a few reasons -buys them time to sell your loan on the secondary market -bankers lose their commission if a loan is refinanced with another investor/lender within that 6 month period -required vesting is part of federal regulation  that keeps an individual from essential making a living by doing constant cash-out refis -if you refinance or pay off the loan in the first 6 months, typically you will not incur any pre-payment penalty..but the bank does and it eats that cost-required vesting allows you to establish payment history that shows on credit 3.

As much as I am excited about everything, I find myself constantly doing research and learning about best practices because I do not have much experience.  

These older buildings are like cars and require constant tune up to keep running smoothly.

It took me YEARS of constantly hounding the family patriarch to teach me HOW they owned over 70 homes with the majority being mortgage free.Fast forward 20+ years and I've realized that my few transactions need to become MANY more to generate the income and lifestyle that will allow me to have both the time and money to spend with family and friends when I choose – and not just on days off from my employer.

Also reconsider sanding all the floors to match, a small job like this your contractor should be to essentially tape off the flooring joints and match the stain to the existing floors.

Using a PM could definitely save on the constant hassle when things are hectic.

If one person is passed away the title needs to be "joint tenancy with right of survivorship" or something similar depending on the state in order for the surviving owner to be able to legally sell the property.  

@Carlos ReyesIn my experience, it's been the old-fashioned 'keep relationships up' via constant communication and networking.

Change is the only constant.  

I put that in my signature so I don't have to constantly type I'm not your lawyer in replies.