You can have a tenant who does not pay for the month or something bad (like a fine from the city for a broken window that the tenant did but does not want to pay for).So really, you will end up making less than $9/hour.There are better deals out there.

You should have broken her the first time she paid late.

The pros mentioned above conversely have cons as well such as the method of interest calc instead of being daily (365 days) is broken into 12 periods a year so extra principal paid after each period has been calculated/amortized does not reduce your daily interest.

As far as any upgrades, again I would suggest you look throughout your neighborhood to see what others may have.

I am all for education, however this system is broken. 

I renovate using my cash on the home and a year later, its worth more due to the upgrades and me bringing it to market value, now I refi into another loan product.Hope that helped, but VA loans go from one point to the next easily. and they can be confusing. 

We are going to do this in the future, but using it as a way to "upgrade" to a nicer (more expensive and smaller downpayment) home, or if we find a great deal on a good multifamily.

Low-income tenants often grew up in old BROKEN housing with lots of problems so they prefer modern features.  

-Liability at $500,000 (it's a cheap upgrade to almost double what I see mostly at $300k)Let me know if you'd like help getting pointed in the right direction! 

We're currently revamping our upgrade payment system and will be working on our registration process following that.