FYI I get avg $950month for 650 square-foot (4 units) in 2 brick duplexes on W.

If you aren't sure about vacancy rate than yes adjust higher than you normally would and analyze numbers that way.  

Many times when there are outstanding past debts, the attorney will certainly charge for a binding estoppel letter, but not normally for ball park outstanding balances.  

I am currently renovating a house that had a long 40 foot carport along one entire side of the house.  

I've been told figure $75-100 a sq foot but that seems so general

I'm looking to soon buy my forever house with my fiance and I am concerned that I won't be able to afford my next rental after that.I cash flow (after mortgages) roughly $1,200 a month between the five units (we live in one) and our combined take home pay from our jobs each month is roughly $4,000.I would like to completely finance the next property but also not get a normal loan.

so I'm not normally good at these kinds of things. so I'm going to pull some things from the how to introduce yourself guide.

Normal maintenance is expected, but I can imagine this area wouldn't be very pleasant for a rental as far as upkeep is concerned.

There are still plenty of people "breaking" this ordinance, and they are taking the risk, but very likely getting much higher rent, because it's usually based on a per bedroom price, rather than a family that is looking just on a normal house for sometimes lower rent price.  

I would select the first option, but I'd like to know your expert opinion, and also if is normal way to propose a flip without option period...I look forward to see some suggestion.Thanks!