That's not my approach, personally--I'd rather just negotiate a great seller financing loan for as long as possible, and avoid the headache and hassle of refinancing for as long as possible. 

Any security deposits and the last month's rent that the tenants paid to the previous landlord should have transferred to you at closing.From a tenant happiness perspective, it is worthwhile using the approach of showing them the rental comps and then asking what they think is fair for an increase if they are considerably below market. 

I've found one potential C- SFH off market, but I'm still evaluating it.At one point, Jackson was a major destination for out-of-state investors, but that surge seems to have absorbed a lot of the good SFH opportunities.Any suggestions for the best way to approach the current market?

FED hikes interest rate3. economy slows down significantly, the unemployment rate spikes4. tenants either stop paying or move to a cheaper location, the new rent is lowered5. occupancy rate approaches break-even level or break below6. your interest-only loan's term is up and you have to start paying higher mortgage7. operator makes a capital call. 8. not enough funds raised. property forclosedIs this as bad as it could get for MF syndication? 

I would love any feedback on how I should best approach this with the neighbors.

@Luke EdwardsLuke, I took a very similar approach after I got out of the ARMY and the only regret I have is I didn’t buy more Real Estate!

HVAC contractor sees the age of the unit and jumps right to "you need new" approach.  

I wanted some advice on that and maybe a different approach I could take for my first property without putting much of my own money in. 

A neighbor approached me and asked to rent one spot.

If yes, and you haven't been enforcing it, I recommend taking the good ol' Brandon Turner approach.