If you are getting worried about it being an owner who has a license that is selling, it means you aren't comfortable with your underwriting of the deal.. 

The first floor, I would like to take down some pop-up walls that makes the living room, dining room, and kitchen oddly shaped and have a result of a rectangular open concept.

Typically the bank will be comfortable letting you "pull out" 70-75% of the appraised value of the home.So, if you're getting it substantially under value then you should have a great opportunity to re-use the cash by doing a Cash Out Refi.

It comes down to what each party is comfortable with. i.e.

At the end its what you feel most comfortable doing.

Hallway into the dining room and kitchenstaircasenew drywall ceiling and wall in the master bedroomFront of house

I'm comfortable with the lease agreement and it's language. 

As a Dallas REALTOR, I am pretty comfortable with the pulse of this market, but you are right, there are a number of changes happening. 

I plan to grow a real estate portfolio in the future to the point where I can support myself comfortably throughout my entire life and leave my day job. 

(or the debt that give you a poor credit score rating). " What are we going to do with the free'd up income" and finally " How much money will i need to retire comfortably and when can i retire?"