So of the items you mentioned that you don't understand are fundamental real estate business concepts.

@Maria Marrero I would include vaping/e-cigarettes as part of no smoking.

-TRUST YOURSELF ONLYthe way BRRR is being touted in the book on BP  lacks a very fundamental aspect of BRRR I did as a HML over 2000 BRRR's for clients all over the country prior to the melt down of 08.. its how all turnkey worked at the time..Big difference though is I would not lend on the asset up front without an ARV appraisal before we even bought the place.. and as the lender I HAD the teams under my control.. since it was my money.. so the out of area investor had a TRUE team not a dream team of wholesaler realtor contractor  LOL.. which can be problematical as your discovering.. the only thing that goofed us up is when REFIs were no longer being done on rentals.. not saying it will happen again..But one really needs to know these things and be fully approved for the refi  including values before you buy the rehabber..had you done this ..

Founder of E&E REALTY. 

@Bryan E FryPersonally I love spiral staircases I think they’re cool but as an investor I would replace it if you’re able too.

Have you told the seller that you intend to see the applicable schedules of his tax returns (K-1 or Sch E) as part of the contract contingency?

Or, if i sold it for $210,000, would my Sch E income now be $150,000?  

But if I had to choose one over the other I'd go with a quality property in a market with good fundamentals (jobs and population growth) even if cash flow on purchase was negligible over a building with high cash flow in a flat market.  

@Lynnette E., thanks for this!

You have complete control over your negotiations e.