., adjusting every 5 years, maybe a shorter amortization and/or balloon payment), and the mortgage may or may not be secured by a residential property.So there's unfortunately no real standard for the terms.

I re-adjusted as follows:Got an insurance quote through USAA - just shy of $83 a month.Was too late to call the city when I had a chance, but Google search shows the average water/sewer bill in Detroit was $75 (my guess) in 2016 and expected to increase by $2. 

It is literally identical to investing that money into a 5% fixed-return investment.

Purchase price 137kRepairs I Paid for 4KHard money for 11 months 14kOther holding costs 2kClosing costs with both closings 4KOption fee that came to me 4KRental income for 9 1/2 months 13kTotal invested 144kMarket value 185kLoan $129,500, 20 year commercial loan at 5.12% 5 year adjustable rate.41k in equity created with about 15k left into the property. 

From what you described, it sounds like the property could be considered a condotel and most likely is ineligible for conventional financing per FNMA or FHMLC.There are fixed rate options but ensure to compare to current ARM and see if it makes sense to refi  ARM is not a bad or risky loan, so long as you understand it’s components, i.e. caps, frequency of adjustment, index that it’s tied to, and the margin.

Tenant called said water is coming from above started last night and is now getting worse.Condo adjuster is coming out Monday or Tuesday.

Seller your clearly un-permitted deck encroaches into the back alley... either move it or we're going to need a $1000 purchase price adjustment.

Are there any ways...to shelter my gains for years to come (effectively resetting depreciation for me)"Ask your tax advisor about structuring the purchase so that a Sec 754 election for the partnership and Sec 743(b) adjustment for the interest you buy can be done. 

It will come over time and you can adjust your terms. 

Looks like your best case scenario is that you will break even when you rent it and chances are if you only use inflation for rent adjustments the HOA fees will eat that as you go, so it will never turn a profit and the only way you make money is if there is appreciation.