"Nice" rentals do no fit within my appetite, and I wouldn't touch them unless I was owner occupying  w/ minimal down payment, with short term plans to turn into rentals once I vacate & repeat onto the next.

Based on what I've seen it the private lending market, there's an appetite among the PE funds for these types of loan products. 

It gives the potential buyer incentive to exercise their option as early as they can (unless too much of the excess rent is be credited against the down payment and it washes out the SP increases).I am not sure that I would want to charge for an option extension if they are being a good tenant and taking care of my property.

No excessive moisture, no mold.

., "The Bank has recently enhanced its loan review function to include an annual review of all loans in excess of $500,000."

Draft a simple operating agreement that states what each party is reponsible for, what happens in the event of (death of 1, death of both, who dies first, who makes decisions to lower exit list price if it does not aell, who pays and performs work on costs in excess of rehab budget, how and who covers holding costs - taxes, insurance, utilities, maintenance, etc., and any and all details pertaining to the joint venture.So long as you trust the other party, you don't need to worry about all the fine line details, just enough that spells out in writing what will take place and how.

I went back about 2 months later to get funding on a 2nd property I found and apparently they got cold feet as I was "new".I showed them my resume... running Government programs up to $50,000,000... team sizes of 120 engineers... full profit and loss responsibility... 3 college degrees including an MBA... but somehow they believe being a landlord on a property that is generated rents in excess of 4 times the P&I is going to be more challenging?

I found that the repair estimates were higher than I was able to get on my own and at times the extent of the repair (replacing a roof when repair could work as well) was excessive.

Also, if you work with one of those companies and they are charging you up front fees to purchase every time and excessive loan fees's, they are taking advantage of you.

I've read a bit about how the FHA distinguishes between "excess land" and "surplus land"...I think this would fall into the "surplus" category since the land with carriage plans cannot be sold separately but I am unsure of the 203K portion and the fact the carriage house is not built yet.