As I am going through this process for the first time, I am finding more ways to be efficient and minimize mistakes.

If you wait longer, the rates would more than likely be higher.So It brings up the 4th option to get a HELOC, which most banks have very minimal fees.

If they don't accept that, I'll keep it and rent it out.I'm not sure how it works yet since the seller was going to pitch in on my closing costs with the contract we signed so that may be an issue. 

That way you minimize the entanglement while still giving him returns he can't get elsewhere very easily (8-12% interest). 

But, you can pitch your source who has likely never thought about it. 

This is why I enjoy Bigger Pockets...My initial thoughts were 'Hell No' because I do not want any limitations on my property when I decide to sell.As for upkeep, we've really had no problems as neighbors pitching in when necessary.  

Figure I would get the start of wholesale pitch.

Same way I'm not gonna attend the time share pitch even if the Jet Ski rental is free after it. 

The house was built in 1967 and I noticed that the dirt around the house had a small pitch toward the house.

Making the tenant accountable can counter this waste.Some of my landlord friends have "Christmas Story" type basement fights with the boilers in winter (or big plumber bills--to pay them to fight)...Of course, your market, energy sources, and your building type may vary, but any solution where you can make each unit responsible for its own heat and hot water (and minimize maintenance) is ideal.