For $200K, you would generate $1431 a month in income.

Good questions Ken, the deal we put together is a lease to own, and the property generates more than the 20% down in less than 2 years.  

The biggest benefit to inheriting tenants is that the property is generating income from day 1 right after you close on itIf you're looking at a commercial/DSCR loan, the 1007 by the appraiser helps in maximizing the leverage and therefore, financing on the property P.S The only place where I can see it help is if you get a portfolio loan from a local bank.

I’m currently in a transition period in my career where I am looking for a new opportunity that will generate higher income.

Raymond,I personally allow pets in all of my properties and the ones I manage for others.I prefer to charge a $25/month pet fee to generate additional income, however, in some cases we instead just charge an additional refundable pet deposit.

We generated extra income by renting out garages.

These are not “nice to have” features for the younger generation.

We generated extra income by renting out garages.

You would most likely be better off selling this property and using those funds as a down payment on 2 new properties that will hopefully generate more cashflow than this one and you will be benefiting from the appreciation of 2 assets now instead of one.

Meaning that it is much much more likely that any changes in SS will affect the younger generation first, and the older generation second (if at all).