Your best bet is to find one that has flexible membership options, without high spend requirements.

If we decide to refi in 3-5 years, though, we may time a couple of the leases to end at the same time and spend ~$6k to tear 2 rooms down and rebuild them.

For me, real estate was a means to an end...so that I could spend all my professional time doing what I love: helping people and renovating properties.  

My wife has a hard time spending money.  

I can pretty much guarantee that you will loose WAY more money trying to get out of the lease then you will spending the extra hundred dollars or so to paint an additional room or two.

My business card I do probably have a $10k spend a month on it, but I dont really carry a balance on it, except a little in dry seaons to better manage cash flow.

Check out The Ultimate Guide to Grading Cleveland Neighborhoods before spending any money on a Cleveland rental property.

They cannot arbitrarily make wild gambles because they feel like it - they have to operate within established risk parameters that are approved by several regulatory bodies and internal controls.

I'm happy to spend more time discussing GS & OBA properties in detail with you!

Land Entitlement is one of the riskiest Real Estate investments for several reasons:1) High Upfront Costs with No Guarantees: We spend tens of thousands of dollars on due diligence to ensure the property is suitable for development.