He was there for the inspection and followed me from door to door then I realized why.

So I would suggest keeping your STR property geographically close and doing as much as possible to keep your profit% high as possible.As far as the actual house you use, I would just say - be honest, be fair and strive for the best area, most amenities, cleanest house, best communication, and any other extras you can get.

In this case I suggested a 10,000 gallon water tank with just one of those meters attached to it.

I've heard there's a good chance the mortgage company won't care as long as the payments continue to be made on time but I still want to protect myself just in case.

For cash flow, I'd recommend checking out the Triad (Greensboro, Winston-Salem, High Point) or Fayetteville in NC and Sumter and Florence in SC. 

The lower rate or longer term can also make the payment more affordable. 

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

The tenant in common nature of the ownership would tell me that you would only be related to your mother in laws portion at the most. 

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

@Tramaine Robinson I can’t pinpoint a moment in time where it “clicked,” but instead I’ve found a series of small victories that yielded improvements.My first profit gave me confidence.