Think of it as dividend yield, it’s the amount of free cash it generates as a function of amount invested.

If you plan on catering to the female athletes - rebuild your closets to make them more functional, enlarge them if you can, deck out the bathrooms and kitchens and you'll have no problem filling them.  

Although it's not a cheap project, it does give me additional options.Around here 2/1s - either apartments or SFHs are becoming functionally obsolete."

So the counterparty risk is that just one investor doesn't agree to the overall plan and then the project can't function.  

Everything needs to be functional and pleasant but it doesn't need to shine.

The plan is for my sister (who is a environmental lawyer) to generate and read thru all of the legal docs as necessary, while my wife and I run the numbers on potential properties and perform the PM function of our rentals.

Local REIA/real estate investor meetups, where you can network with other investors and potentially some HML reps.Regarding 85-90% LTV, you may consider reducing your expectations.Many HMLs max out LTV (more precisely LTARV, or loan-to-after-repair value) at 65-75% LTV.LTC (loan-to-cost) can often approach 85-90%, but that is a function of your purchase price + renovation cost, not the after-repair value of the property.

The value of commercial is a function of the discounted cash flow, the stability of the cash flow and if the property's value can be improved through a change of use.

If that is the case, you should have removed the non-functional doorbell button to prevent them raising the issue later.

Have a professional make an assessment of the lay of the land to determine if grading or creating a swale to redirect runoff would be advisable; as others have said make sure gutters and downspouts are properly functioning on all sides; worst case, maybe you need to trench the exterior of one or more walls to expose them for access to apply new waterproofing.