There was little plumbing involved (other than a water line for the washer) or structural changes needed (there was a concrete slab already where the patio was).

Great line of thinking and I can definitely get on board with the "niche marketing".An obvious one (or maybe not so obvious to those who don't live here) in Nashville are bachelor/bachelorette parties.

Back then they used plaster for the walls so I have had to re-drywall the entire interior, all four floors, install new electrical wires throughout along with a new box, all new plumbing lines, and support beams in the basement to correct the uneven floor.

I can foresee adding 2-3 properties between now and then (potentially more bringing in my design build friend as a partner) with the goal of moving more fully into this as a line of work with a focus on bringing hospitality to the rental industry.  

And Wayne to answer your question, no unfortunately any overages goes to the next lien holder in pecking line, then the owner.  

Just trying to gauge if our budget, target area and projected rental income is in line with the area?

For example, a multi-family property can be straight line depreciated over 27.5 years.

Where is the line between lifestyle inflation and just growing up/evolving?

They just want to make sure you have a clear vision for what you plan on doing and how much you're going to net them in their wallets.the rest is being professional and having clear lines of communication.

It's the part after the actual purchase that I'm not sure of, and lining up servicers.