I was trying to back into the purchase price that would meet my requirements to submit an offer; so based on the rent roll provided, I estimated Opex to be 50% of the effective gross income, amounting to NOI being 50% of $112K therefore $56K.

Most HOAs, nearly everywhere in the country require rental agreements to be either in 6 month, or 1 year intervals.

After 6 months, or 1 year (whatever time limit required), I take a cash out refinance (probably up to 75%) on "my" property to buyout the other owner (grandma).3.

The big thing I think you are missing is a BUNCH of expenses!

We wanted to paint the exterior of the house vs putting siding on, but the weather did not cooperate for a few months adding carrying time which was expensive.

Keep in mind though, the higher the EMD requirement, you may end up having buyers pass on the deal, so just make sure the amount is fair to both sides.

For example: If you have an extremely high salary and low expenses you might not need cash flow and would perfer an equity growth market.

Any advice on an attorney/organization to talk to in order to get a letter from an attorney to get the landlord being reasonable or similar instead of turning this into an expensive legal battle?

Those numbers were something that many of us were able to pull off pre-pandemic, but it is much harder to do so now.Also, keep in mind that the “cheap houses” in the beginning can end up wiping out your cash flow with a major Cap Ex or maintenance expense.

The CFP® certification requires rigorous study and hands-on experience, which you seem prepared to tackle.I've been in the financial planning field for several years now and currently teach aspiring CFPs at Golden Gate University.