Here are the exit strategies once the renovation is complete:Option 1: I buy and move into the property at the remaining mortgage price.

You can also get fans that remain on for 15 minutes afterwards and then automatically shut off. 

Remain responsible for rent until a new tenant takes over.Most tenants will choose the first option because it gives them a specific cost.

I'm not sure you're calculating everything correctly.Assume about 50% of the income set aside for expenses (taxes, insurance, utilities, maintenance, capital expenditures like the roof, vacancy, etc.)The remaining 50% is applied to your mortgage (principal and interest).Anything left over is your cash flow.Use the BiggerPockets calculator to run the numbers and see if it works.Have you considered a house hack?

You do one wrong thing (which might be a very minor detail) and you have to start the process over - allowing the tenants to remain in the property even longer. 

For your entertainment, the first deal structure600,0005% down 30k, 2k for 36 mths=72k, balloon payment of 540,000 in year 372k=5% 30k towards 10% downpayment with the remaining 42K as financing fee to seller for holding the note for 3yrsyes I know it looks like a drawing with fat crayons by a 2 year old/unfortunately you don't know what you don't know!!

My overall reading, though, is that values will remain the same for the vast majority of residential property owners.This is also a good time to remind everyone, especially out-of-state investors, that Texas is a non-disclosure state, meaning that owners of homes and other properties are not required to disclose what they paid for the property.

One thing remains true - there's strong rental demand across the classes so long as you're in a location that is suitable for renting.

If the property is generating 10% CoC and cash flow remains relatively the same after the refi, returns on the remaining equity in the deal should be high enough to give you that 50/50 split for the rest of the hold period.

They will then either take the average of the 2 years if your income is up, or the lowest if It’s on the decline.If they don’t verify tax return, one could inflate his returns and make up his history especially if self employed.