Being frugal is a way of life in my opinion.

I'd be more than happy to speak to you or look at the unit to give you an opinion.

I have always done conventional mortgages, so this area is new to me and I would appreciate more experienced investors chiming in with their opinions. 

In my opinion, the only guaranteed income are what's left on each contract. 

But in my opinion it doesnt matter if everything is gutted and new - you will still have to replace all the capex items again at some point if you plan to hold long term.

An improperly mitigated sewer backup is definitely a deterioration, in almost anybody's opinion.  

when you have somebody willing to pay over 2.5m you are going to get people that want in river oaks, blvd oaks , west u maybe, memorial hedwig etc...not a condo...yes i know condos trade and yes i know that theres a ton being built...but those are not factors working for you.right now oil and gas execs have a lot of risk on the horizon, they are your target market in my opinion.  

There are many opinions and articles on the use of the 2% rule.  

If true, then just kick him out, just my opinion.

Not much jurisdiction that the state would have (I'm not an attorney so not legal advice...just an opinion).I think you may be referring to flippers where there is a double closing taking place.