This produces an environment of consistently high demand and low supply.

I understand the regulations for REfinancing, but i am slightly confused about the lender's time constraints on free and clear properties. 

The HECM is FHA insured, thus the regulation.  

Maybe you can join a local chamber of commerce or perhaps it's as easy as just talking to a co-worker or relative who knows someone with a history of real estate investment.You'll need to research the right home and do the legwork when it comes to sprucing it up, but if you do the work your investor(s) will hopefully supply the money.

I don't think this house would compare with the lofts downtown and there's been so much supply of those recently I don't think they will get the rents they are asking.The four big property managers here are hardy realty, garden lakes, seven hills and Harvey-Given.

She pointed that out one day when I was soldering new taps on the laundry water supply due to a leak.

my contracts are structured amortized 30 years, balloon at 5, at the time that this contract is satisfied then at that time I will supply Warranty Deed and title insurance etc...  

Especially if the units are regulated - are they?

Right now demand is significantly higher than supply.  

I looked at the copy of the report that was done, the plumbing piece is documents as follows:"Pressure tested water supply with air compressor, system didn't hold any pressure at time of inspection.