Does this apply for smaller storefronts as well?

Others apply a little more common sense to the equation in addition to the analytics.  

I am newer to BiggerPockets and getting involved in the Oklahoma City market.

An automatic late fee of $50 is applied to their accounts and an email (and/or text depending on their settings) is sent out notifying them that their account is past due and additional fees and/or eviction may occur if not paid in full.

I’ve had the house appraised and I’ve got over $80,000 In equity in the property, I’ve come to the realization that I can now either do a cash out Refi on it and pull the equity out and repeat the process very similar to the BRRRR process it I can 1031 exchange it and look into maybe applying the equity into a larger 15-25 unit property.

If you're in Canada you'll need 5% down.If they're willing to sell to you with owner financing then you can come to whatever arrangement you want as far as down payment, price, interest rate, and amortization since there's no bank involved.

@Jen HebdaWith FHA, there are property flipping guidelines that don't apply to Conventional financing. 

Alcohol and drugs involved too of course.

Josue Rivera Definitely check out what zoning restrictions if any apply.

I would not enter into something like this lightly though because it gets lawyers involved, can be subjective in a court of law, and can be very expensive but if he tries to foreclose later if you are not able to refinance it may be a last resort.