With that, yes it is a normal standard PM pricing structure to have a lease renewal fee, as the PM is doing an updated lease, negotiating rent increase, reviewing historical performance and advising on adjustments forward from that, and getting all doc's completed, it requires labor hours and therefore requires compensation.

We had interest from buyers at a higher price if we would agree to take it off-market and/or hold the property for them, but we opted to adjust the price and sell it as the uncertainty of the stay home order impacted near term sales.

Imagine that.New Home Sales Surge 16.6%, Smashing ExpectationsSales of new homes in the United States surged higher in May as the economy reopened.Sales of new single-family houses rose to a seasonally adjusted annual rate of 676,000, according to estimates released jointly today by the U.S.

I can't sit here and say it is all necessary.All I am saying is we need to acknowledge what we got right and what we got wrong, then be willing to adjust our approach as new data comes in.

We're deciding between:1) Refi into lower rates and payments (1-1.5% lower) and then getting a HELOC on the equity - Pros: lower base interest rates, lower adjusted monthly payments, lower loan costs, HELOC applications costs are minor, not paying interest until the money is used for that next investment. 2) Cash out refi on all 3 properties - Cons: higher base % rates, higher loan costs, similar monthly payments, paying interest from day one.3) 1st Lien HELOC - buy out the current loans balances with a HELOC with 1st lien - Pros: Even lower loan costs ($10-$15k less!)

@Jennifer D. well maybe it is in another part of the contract about costs and adjustments otherwise this is a poorly written contract.

Don't just take last years taxes, you need to look at what the property is assessed for and then adjust based on the price you are going to pay. 

Mild adjustment to the rent; maybe $50/$100 per month for 12 months...

What are you expecting to do for $120K and how much does Cicero charge for soft costs and then the tax adjust?

Also, don't forget about your insurance company for damages, the adjuster will deduct normal wear and tear, you may also be entitled to rent lost while you are bringing the property back to a rentable state.