Then they can "apply" later for this unit after they changed their mind.Maybe you could draw up a separate contract that says in exchange for modifications to the unit, tenants have agreed to cover half the costs at $300/month for 7 years. 

What type of investing do you plan on making your primary focus? 

Scope of Work - Prepare a detailed scope of work outlining the renovations or repairs you plan to undertake.

I would suggest creating an LLC if you plan to own multiple of these so you can grow your portfolio from the LLC.

I'm wondering if I need a different contract in each state that I plan to invest in and use a private money lender to fund a deal.

If you plan to pay it off after that 3 year mark, you won't be penalized. 

There is always higher risk when operating with hard money, so you'll want to make sure that you buy a solid deal, in a good neighborhood, and have a plan for rehab and exit strategy.

Hi Michael, If you are looking at a bridge for a fix and flip (either to BRRRR or to flip), typically HML will want to see purchase price, your track record, your credit score, your reserves, your SOW and an idea of your exit plan and ARV. 

High Maintenance Costs: Escalating maintenance costs can erode your profit margins.Change in Neighborhood Dynamics: Shifts in the neighborhood that negatively affect your property’s value are a red flag.Better Investment Opportunities: Selling might be wise if you've identified a more lucrative investment opportunity.Cash Flow Necessities: If you need liquidity, selling a property can provide a significant cash inflow.Tax Implications: Sometimes, selling can be advantageous for tax reasons, especially if you can benefit from capital gains tax laws.Personal Financial Changes: Changes in your personal financial situation may necessitate liquidating assets.Retirement Planning: Selling investment properties can be part of transitioning into retirement.Portfolio Diversification: Selling might be necessary to avoid overconcentration in real estate.Legal or Regulatory Changes: New laws or regulations can impact the attractiveness of holding onto a property.Ownership Challenges: If the burden of ownership outweighs the benefits, it may be time to sell.Real Estate Market Trends: Anticipating a downturn in the market can be a reason to sell early.Interest Rates: Rising interest rates can reduce the pool of potential buyers and lower property values.Property Value Appreciation: If your property has appreciated significantly, taking profits might be smart.Lifestyle Changes: Sometimes, personal life changes dictate a shift in investment strategies.ConclusionDeciding to sell an investment property is a complex decision influenced by market conditions, personal circumstances, and future investment goals.

Your experience in project management will definitely help you in real estate especially if you plan on doing any renovations!