@Sung Park, that would fall under the Your Dream Job category right now. 

Trust me, if somebody falls of your roof, they won't bring going after your "project manager", they will be going after you.

I asked a newbie question and said wouldn't the FHA pmi fall off once I pay 20% of mortgage off and he told me that it would stay for the entire life of loan.

But Texas is very solid and will not fall dramatically like some other parts of the country will.

@Francis Van SteenGifts of equity fall under gift tax.

You treat them right and everything will fall into place.

A deal may fall apart at the very last minute thanks to the appraiser.

Of course the lenders that want less will probably charge more.You could also look for partners, reducing the amount of initial capital you'd need, and once you've proven yourself you can probably find investors or silent partners that allow you to put nothing in. 

A rental home built in 2016 will not have 5% - 10% cap expenses in year one but when added up over the life span (30 yrs) of the property and divided by 30 years it will fall into that estimated percentage.In your case you have neglected to include many expenses and you will be lucky to break even if you hold the property long term.

I was hung up on that clause as well and think you're probably right that implementing a RUBS would fall under the umbrella of a 'substantial change'.