I think insurance is around 220/month.I did the numbers and cash flow is around 130/month considering 10% reserved each for capex, vacancy, and maintenance.

Also many banks require that you have 6 months of emergency reserves (PITI or principle, interest, taxes, and insurance) for each property you own, outside of your down payment and closing costs.

Just raise his rent to that of the other units, and I would also ask him to sign something confirming that he has refused the renovations that you offered but is still wanting to stay on at the increased rent.

I also offered to call the bank together if they wanted confirmation because I understood their concern.Sounds like different kinds of 203(k) loans out there so let the LO's know what you intend to do so they can suggest the options available to you.

Buy it in its current condition and if and when tenant vacates, we have a rainy day fund to make those repairs without it coming out of our deferred maintenance reserves.

I give investors bidding insight and let them know how close they are to seller's reserve prices.

also, to confirm, do you hold those 2 rentals in your personal name or a business name.... 

I literally was done in 10 minutes from filling form to confirmation call.  

It's has confirmed some of my own inklings.I think the square footage is inaccurate as prior to renovation it was a 2 be/1ba.  

There were some strong lessons learn from those experiences like cash reserves, due diligence and property management.Wife and I are interesting in getting back into real estate investing with goals of long-term cash flow to secure a good retirement in 10 years.