Functional improvements will reduce your risk of liabilities in the future.

I normally avoid studio rentals given type of tenants are different.With that said, even using your numbers, earning about $30k net profit per year on over $725k (over $250k in cash) in investment is not a good deal. 

Thanks for the feedback.okay. what if the married couple doesn't qualify due to credit score and also doesn't make enough to equal 3x rent. and the other person has the credit score but also doesn't earn enough to equal 3x rent.

I think their point is that if you are working as a real estate agent, earning commissions without salary, then they want 2-years of employment history.Whether a partnership will get around that depends on the financial credibility of your partner.

First, calculate the return you're earning on the $380k of equity. 

They had just reduced the price a little and I came in with a pretty low cash offer but it got them to start negotiating.

They had just reduced the price a little and I came in with a pretty low cash offer but it got them to start negotiating.

They had just reduced the price a little and I came in with a pretty low cash offer but it got them to start negotiating.

Inspection/Cleaning the chimney will reduce the risk of chimney fires.

@Matt Phillips Try requesting the unit vacant upon sale and if the seller refuses that then reduce your offer price by the amount it will cost you to evict and completely turnover that unit.