-asked for seller carry of $165k @ 2.5% IO, 30yr amort with 5yr balloonMy plan is to:-convert the 2/1’s to 3/1’s-raise rents to $1,350 for each 3bd ($5,200 total)-combine existing single car and 2 car garages and convert them to a 1bd/1ba in each property, turning each duplex to a triplex-rent the new 1/1’s for $650 each, bringing total rents to $6,500My assumptions:-3 bedrooms will rent for $1,350 in zip 92345-cost to convert bonus rooms to bedrooms = $2,500 each ($5k total)-cost to combine and convert garages to 1bd/1ba $30k each ($60k total)

Newbie assumption makes me think that since you're buying with the plans to keep the property you wouldn't really need an exit strategy at all.

So you need to be more accurate doing the analysis.We did it with the assumption that someday in the future, it will leak, so as a preventative measure have it done and don't have to worry about it.

You can set custom date rules and just keep changing it so that it wont allow for 1 night gaps. 

2) Cap Ex and Repairs can be bumped, management will most likely be lowered3) Check your vacancy assumption vs market3) Good conservative growth assumptions(1%)

Because they are making 10x that on all the other customers

I hear local lenders are more customer service-oriented and all around better, however, is it worth paying more and consequently spending way more over the course of the loan or should I go with the cheapest rate?

But feel it is going to negatively impact landlords by further scrutiny(and new regulations) from the government which will harm tenants on down the road.I'm not sure how it "harms tenants" any more than any other business harms customers by raising prices.Around 70% of rental property is managed by a professional property manager in Australia whereas it's more like 20% in America.

I have an assumption that this  doctor story is just a way to be able to get of the lease....my question is how would you deal with it in either case? 

I use this to easily have the data to give to my CPA.You can likely Google a good Excel template that you can use to customize as time goes on.I keep tenant info, AC filter sizes, trash pickup days, Magistrate info for potential evictions, Section login info in addition to the normal income and expense info.