Not sure whether that's inline with the typical market.

I typically do only minor updates (fresh paint, new fixtures/carpet if needed, & outlets (to freshen the place up)) however on my last one I did a much more extensive update (flooring, doors, bathroom & kitchen) while expensive, I think I’ll make it back over the next 5 years because I was able to increase rent on the unit by over 50%....I’m sure there are folks with more experience than me, but just wanted to share how I approached the decision.

Of course, the typical things to look at are the crime, schools, affordability etc.Happy to answer any questions and also make my self available for your July house hunt.

Because it's the biggest multi unit you can buy with typical owner occupied FHA-type financing. 

I'm not a CPA so I won't delve into any tax implications for your portfolio regarding seller financing.As far as what terms are typical for my area, I am in Ohio, where you can buy houses cheap.

Being able to make more money from the property and financial justification is typically not considered a hardship.Could you put the property under contract contingent on going to ZBA and getting the other units approved?

This is the only scenario that clearly benefits the original owner but the benefit is typically only some high rent amount.In summary, the downside for the current owner is so much greater (loosing out to huge appreciation) and more likely to happen (historically the appreciation has been outstanding) than the upside (that the tenant does not exercise the option and the owner has been able to collect higher rent than a traditional rental).I did know a couple of tenants in San Diego that had a lease options. 

The cost of ownership typically catches owners off guard.

I'm curious to know what the typical rate, term and amortization is on a LOC like this.I tried searching for the posts that discussed this LOC but I had no like finding them.If anyone has information or insight they can share it would be appreciated.

Another thing to in mind is wholesale deals are cash deals so you typically can't get bank financing to close them.