Allowed with Landlords ApprovalNo Smoking, Income must be 3X Rent, Credit Check and Background Check will be performed with no prior evictions.

If your plan is to acquire a {distressed} under-performing property, renovate/rehabilitate, bring it into performance, then pull out your forced appreciation to acquire another property, then, you should use a variable rate mortgage product as you will incur the least amount of penalty for refinancing (maybe none in certain scenarios).Consider a mixed fixed-term mortgage / HELoC product on one, or more, properties.

Look at this as a data-gathering exercise also.

I just try to weed them out, I don't need them to tell me what I need (generally) but to perform the work requested at an agreed price. :)

"Out lot" sales in a commercial shopping center can be 3 or more years out requiring the all kinds of contingencies.Extending purchase agreements happen everyday, while the term of an extension is usually a few days or a month, there is nothing preventing an agreement to be extended for a longer term or as to any right or option to extend a purchase agreement.One and the main difference between the two contracts is that an Option does not (for a true Option) require performance by the optionee or buyer and a purchase contract requires performance by both parties, bi-lateral and uni-lateral agreements.An option may not have any default provision for performance as exercising the option is up to the buyer, the purchase agreement requires performance and carries penalties for non-performance.

The unit mix is also an issue; you'll get a different tenant base looking for a 3bd than an efficiency, and they might not want to live next to each other.I think you might want to exercise caution and do some more research before you get too excited about this one

My first investment property was a vacation home in FL and it's been a weak performer.

Overall, your purchase looks like it will have legs once the property - including the carriage house - is performing ... at the moment your CoC looks a little low.I would get some additional quotes on your repair costs.

. , only the upgrades that make sense for increased rents/lesser vacancy/better tenant profile etc. should typically be performed.

. :)See how life is as a tenant, there are advantages, especially if you plan to travel.Start planning now, but I don't like the idea of selling performing and appreciating assets and then living off the money.