You also need to consider that once someone signs a lease, they typically won't move in for 2-4 weeks.

As far as occupancy limits enforcement does happen but it’s not super common and every case I’ve heard of for enforcement is due to neighbors complaints  typically noise or too many cars.

Once you find one good contractor they typically know other "rock stars" in other trades (electric, plumbing, etc...) that you will also need.

I got qualified for about $650,000 so I am trying to evaluate all my options.

Few options to consider:1) contact FREC to report violations of their duties as licensed real estate brokerage.

Thank you Steven, I have a great contractor in Ohio, very good so far but yes I see it as very risky so weighing my options....

Here are the key considerations:Pros:Potential for Profit - Through the value add component you can increase profitability on your return, typically you're buying distressed homes with built in equity, rehabbing and increasing your equitable position furthermore. 

I can have my management company pick it up, but they’ll charge about $90/hour plus add 10% to the purchase price.We live several states away, so doing it ourselves is not an option.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

If you're content with holding just this property for now then the cash flow + lower rate option may be best.Hopefully you find helpful!