In Exchange for allowing us access to these funds:My wife and I will continue to rent out the home and cover all utilities and the mortgage. 

That is 1 vacancy/unit/year.At that price point is the landlord expected to pay any utilities?

Disclaimer: I've only ever dealt extensively with houses that were a maximum of about 50 years old (built mid-1960s). 

Utilities?

We are aware of the permits, utilities, and drawings and such that needs to be done to make this happen and the approximate cost to make these improvements.  

I didn't spend and extensive amount of time with it.

Just search some of the marketing forums on BP to see what marketing strategies other investors are utilizing today to fit your investing strategy.

A) 5/1 ARM – 20-year Term; Up to 30-year AmortizationInterest Rate Options:1) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.00% + 1 point2) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.50% + 0 pointPresently: L5 Resi Owner-Occupied 5/1 ARM No Point Product is set at 2.50% therefore, the CML Non-Owner Occupied 5/1 ARM rate would be1) 2.50% +1.00% = 3.50% +1 point2) 2.50% +1.50% = 4.00% + 0 pointTerm: Max: 20 yearsAmortization: Up to 30 yearsFloor: The initial rate on the transaction will be established as the Floor rate for the life of the loan.Repricing: At the end of the initial 5-year period, the interest rate would reset to the then 1-year T-Bill Rate (Index) plus 325 basis points (margin)No prepayment penalties requiredInterest Rate Repricing Caps: 2% +/- at each change date; 5% +/- over life of the loanClosing fees: Utilize mortgage calculator fee scheduleStandard commercial real estate loan underwriting guidelines are required (i.e.

We had a new roof installed and new gutters in 2012, replaced and repaired plumbing stacks/pipes that failed and have done extensive tuck pointing.

Is he up to date on payment of utilities?