Yeah even if it doesn't end up as a deal the experience of negotiating and talking with a seller is solid and will make you more confident for your next call. 

However, for someone who is confident they can sell above the breakeven point to cover those fees (which would be about $500k in volume annually in a region with average home prices of $100-120k), the income potential is much greater with the 95/5 split.

That would increase your savings rate! 

Or, can I just have them sign the new contract which would have a rent increase and pet deposit/fee? 

If he does not want to pay the increased amount he will leave in his own.

If I buy a property built before a certain year that currently has tenants in it, I cannot raise there current rents beyond the allowable increase for the year(3%-4%)  I would have to wait until any of the units becomes vacant to raise rents to current rent rates.Is this correct so far? 

(Credit score over 800)2018-We committed to increasing our real estate holdings.In February we bought a condo in Pensacola, Fl.

Imminent Interest rate increases through 2019 will negate any appreciable price increase and indication of a general cooling off nationwide is coming.You should approach the lenders to let them have the project.

But instead I'm debating on doing only a 20% down, which will be a significant increase to my current mortgage on the smaller house, and use a good chunck of the 20%, to either pay off student loans ($65k, saving about $700/mo in payments that can be used to offset mortgage), or using it to put down on rentals (multifamily). 

However, due to the appreciation play, we can see this increasing 3.5-4% over that time, including maybe 5-7% each of the first 3 years.