.- Lease out the store front half of the lower level to retail or something similar (not a priority since the apartments and storage alone will cash-flow the deal)Operating Expenses: ~$11000 (high estimate)NOI: $26350.00Debt Expense: $18914Cash Flow before taxes: $7438.00Taxable NOI: $4425I’m not looking to pay myself anything, as I’d just like to hold this as long as possible for my kids and to learn as much as possible for my next deal.

But from what I recall, FHA works similar to a conventional loan in this matter.

The analysis is similar to typical rental property analysis, but they offer the ability to enter the unit mix and rent/square footage in more details.

Thanks to everyone,I use TenantReports.com - but you will still be limited to a scoring model similar to what you have now because to get full credit reports you have to submit to (and pay for) an office inspection where you keep application records.Tenant rental history is checked in a number of ways to be rather thorough.

Then you sell the property to a contractor, investor, or home owner, under similar terms with a few twists.

It's a win/win for each of us for various reasons, and the houses are similar in value. 

Throw a LED bulb in there. look for someone storing a car or similar.

Hey Mike, great to know there is someone close by with similar interests.

- as far as we know existing tenants have to get 3 month notice to vacate, however, we had similar situations and were able to negotiate with the tenants what we needed.2) How do we decide what to charge for the option deposit?

From that point forward I wouldn't worry about it.I had a similar issue on a flip.