Aside from renovation costs, you'll want to consider things like inspection fees, closing costs, insurance, and any unexpected repairs or permits.

If you allow pets, they must be approved and pay the fee.

Discussion has been around 4 month during initial lease up.I am not planning on going in all cash, but likely a 50/50 debt to equity.

My license is not active at this time due to fees humbling me.

You want an advisor that can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.You should also look for a Fee-only advisor who is not going to sell you products just to get commissions. 

There is no guarantee rates will go down significantly.Even if rates drop to 6%, it may potentially not make sense to do a refinance as you would have to repay a bunch of new lender fees / title costs.If the numbers make sense now as an investment buy it.Don't buy an investment assuming something that is out of your control.

In discussions with planners on what to do with the property, the idea of rezoning for a purpose built multifamily rental has come up.

Soft costs, city and impact fees, .

(different loans have different seasoning periods for your funds and different guidelines on allowing gifted funds - something to consider) To determine closing costs you can call a local title company in your chosen area and ask them for their fee sheet and your lender should be able to provide you with any other fees associated with the loan.

Lease Agreement: Review the existing lease agreement and discuss the tenant's plans for the future.