My wife and I have found a renewed drive to expand upon our investment portfolio.We've held our previous homes as rental properties for a number of years and in 2014, we picked up 2 HUD's at a reasonable level, completely renovated and are renting them out.We continue to consider further expansion (for rentals in the Findlay, OH area) and are also considering doing some flips along the way.  

For instance, I'm evaluating this deal on a $65k 3/2 halfplex in Houston that has a tenant ready to renew there lease at $1000.

I make a song and dance about requiring renters insurance and get them to sign a form with their insurance company and policy number specified, but the truth is that while it is highly desirable for tenant to have insurance some of them just don't want it and will cancel the policy or not renew it at the first opportunity.I would say once you have a signed lease and have received first and last, or first and deposit as required in your jurisdiction, that is it.

There is most likely wording in there that states that no changes can be made while under contract (usually placing new tenants or renewing leases, but this may also apply).

That comment renewed my efforts in screening tenants and informs the way that I respond to tenant issues.

If so, I'd guess they will want to see the fixes in order to renew your policy.

Let's say I move forward with it's advice and I draft a contract with several 'stacked' 179 day option terms, essentially letting the option expire and renewing it several times, when necessary.

The down side is the interest rates are slightly higher and usually a 5 year ballon payment but you are suppose to be able to get the loan renewed at that point.

Make sure to read the terms of the lease it may state that you have to give them 30 days notice or something if you chose not to offer to renew their lease.  

Additionally, if these "nice" tenants turn into bad tenants your options of simply non-renewing their lease at end of month 12 becomes nonexistent.