Currently I own two single-family properties in Chicago and am following the buy and hold rental strategy.

You go to a lender that has the following loan parameters for fix & flips: 90%LTC (90% of purchase, 100% of rehab costs), capped at 70% ARV. 

Hope to follow.

The strike price can follow the declining principal balance.

It is not a matter of either in my opinion, you should enforce your leases as much as you can, if the tenant tries to bend the rules, they should follow the rules or move. 

BP is strict about what I share here so just let me know privately.Hope that helps,Chris Pre

But My ONLY concern is the following.

I'm going to be a bit of a contrarian to the above posters, but let me first qualify my post by stating that your market will determine what you should do.We frequently install en-suite laundry in our units - in fact, we have removed common coin-op laundry in most buildings of 6-units or less in favour of en-suite laundry - for the following reasons:electricity and, in most cases, hot water costs are transferred to the tenant;where water is sub-metered, water costs are transferred to the tenant;high-efficency residential laundry machines are about half the capital costs of commercial coin-operated machines;we can command $30 - $50/month in additional rent with en-suite laundry;by installing our own machines, we know they are installed property, with catch/drain pans and {going forward} leak detect shutoffs; andwith en-suite laundry vandalism of laundry machines has been non-existant ... and if a machine is damaged, we know who is responsible.We have a good rapport with a couple of local appliance suppliers and get called whenever they have "dinged and scratched" units to unload ... a small, cosmetic dent in the side of a washer - which will never be seen when it is installed in a laundry closet - can be worth a 40 - 50% discount.  

I know that there are many investors who strictly invest for cash flow.  

I wrote down all the addresses and did the following for the building we desire the most: -Researched and called Cook County Assessors-Researched and called the Water Dept.