You pay them interest, which can be deductible at your rental level.

(is it OK to not re-zone at all?)

Some of the help offered here is accurate and some of the help offered is a bit offFor most cash out refinance loans on investment properties the Max leverage offered is 75% LTV (You may find 80% but that really isn't industry standard) Which at a 250k "As is" value your max loan amount would be $187,500.00 If you purchased the property for 165k and renovated it for 30k you are all in for 195k Since I am assuming the property is owned free and clear the $187,500 (minus closing costs let's call it 5% of the loan amount) can be used to pay down your debt.

What would some of the more experienced landlords do at this point? 

Please understand that I am at the beginning of my research on this area, so anyone has any pointers, that would be appreciated.There are a number of Universities there too, so I would think that apartments are good to invest in?

If their 14 year old daughter lives with the dad...then they already know mom is looking at the rental and may have told her about it.You don't need an addendum.  

If a property appreciates at 3%, it is on the entire property, not just the cash invested.

Wholesaler - FCFS and placed offer at day 1 of listingHow did you finance this deal?

I have bought a few books and none of them work well at all because they are all talking about finding the buyer first and in my mind if I go about finding the buyer first, 1 its not with no money and, 2 I would just do a different strategy of investing if I was finding buyers first.

I'm based in NYC/LI and can chat at length about the market here depending on where you're looking.