2) If a property needs to be updated (ex: new floor, paint, fence), how should I go about incorporating language into a deal that allows me to make the updates I need while providing me with the proper protection financially and operationally?

Let's try the traditional link again ... see below ...https://drive.google.com/file/...So with the FHA loan one it looks like I factored in all the variables I needed to properly assess it otherwise?   

I plan on bringing them up to the market level after acquisition with minor improvement and proper marketing.

I plan on bringing them up to the market level after acquisition with minor improvement and proper marketing.

I plan on bringing them up to the market level after acquisition with minor improvement and proper marketing.

Multi family property investing or with proper funding, lending made available, something bigger.

You'll have an advantage in properly budgeting/scheduling renovations and you may be able to pay a little more for properties, since you can get the renovations done for a little less.What are the prices of these kinds of MFRs in your market?

@Jeremiah Vancans You will be able to find better cashflow in the D-C class neighborhood if you dont mind the drive and headache of dealing with tenants (proper screening can mitigate alot of risk on tenants). 

Contact a local attorney and see what the proper steps are to give notice to a month to month tenant.

The city has also been cracking down on proper permitting recently, so definitely go by the book and do not cut corners when it comes to that.Happy to talk further or have a call if you have more questions!