@Justin Butterfield It would be wise to speak to a real estate attorney and have them draw up a letter to the tenant.

@Rowlens Melduni Might be wise to contact him before hand and ask if his deal is the same one as yours.

I would only make drastic changes if you know that you can't get what you want price wise now based on your debt to income.If right now you can only qualify for 200k and you want a 210k home then yes you need to do some debt management.

Hi, Jeremiah.  22 years old and already wise beyond your years! 

Also, you need to analyze the market and see what rehabbed properties are getting rent wise in this area.  

Yea, it was a partnership too, and the folks who have a clue are laughing at the dates on that score too.Well, we ended up not doing them right that year, I can tell you that much.So the next year we wised up a bit and got started early.

Location wise : has anyone recently done any transaction in this area?

@Matt Hummel the main thing lenders look at insurance wise is that it covers at least the cost of the loan and the policy is set to be at replacement costs.

@James Wise Pretty sure he meant interest bearing account.

But if it's not and other agents are beating the door down trying to show the house that tells you a lot about what might happen price-wise.