However, your flip needs to have enough earning potential to cover the HML's high points (fee) they charge at closing and gets rolled into the loan (3-4% of total loaned amount). 3) I did my last flip with putting a conventional 30 yr fixed and paid the down payment and reno costs in cash/LOC.

But she kept treating my friends and family members as contractors who come to my house to fix something etc.

As I say I think we are in the 6/7 th inning of this cycle as lenders are starting to "chase" business and loosen up standards and the folks that were hurt in the last bust have had their credit "fixed" just enough to qualify for homes again.  

It would take you approx 13.5 Months to overcome the loss of one month rent PLUS you will moist definitely have some fix-up / make ready expenses if these folks move out. 

If my lender told me an oddball number was a pain for them.... pretty simple fix, I'd find another lender. 

"Fix handle on rear bedroom $56.00""Replace mechanisms in lower bathroom toilet by qualified certified plumber $235.00""........."

Oh, the third unit is a 1/1 which I plan on fixing up and making my primary home, at least for a year. 

I bought my house with the intent to “fix” it up and rent it out.

The people there were not into short-term rentals/vacation rentals but into the fix and flip stuff.

I fixed it up as I lived there and its now worth easily $500,000 because the market in this neighborhood has gone buckwild.