That sets a floor or 1.5% or the annual CPI of my area- whichever is higher plus any increase in property taxes.

The dog has urinated on the carpet which will require replacement (professional cleaning did not get the stain/odor out) and possible replacement of the subfloor as well.

My $0.02.Good Luck with Your Clean Up.

I am now in need of additional funding to complete the renovation and 2nd floor addition.

Plenty of wholesalers do it this way - they close on the property and spend a few hundred bucks cleaning it out and then they can have as many people inspect the house as they want without the seller objecting, etc.

The back house had long term tenants and the place looked dirty - wasn't taken care of or cleaned in a very long time.

He's an ideal tenant with credit above 750, well above our income requirements, and has a clean background with no evictions/felonies/etc.

CLeaning? 

Willing to clean, paint, and help in any way that I can to learn. 

I've just seen a multi-family rental opportunity with a daycare on the ground floor below the regular rental units.