In softer areas, like C- Detroit proper we are seeing lower demand.As always we recommend that rental comparisons need to be independently arrived at. 

If so, what are some general rules of thumb on how much they lend and what does that depend on?

The other important items are contract terms (including draw schedule, scope of work and timelines), consistent follow up on progress, & paperwork (estimates and invoices) for change orders - they will undoubtedly come up as no construction project goes precisely as planned or has zero hidden or missed task items that will need to be completed.Time is your enemy on all flip projects so hiring the right contractor who can deliver the services in an efficient manner will often be more beneficial to the flipper than a lower priced contractor and/or a poorer quality contractor.

I still need a way to track each tenant’s water usage, so I’m considering the Moen Flo Smart Water Monitor.

(If then, your occupancy should be up naturally compared to 3 months ago without doing anything) If you want to compare occupancy, you need to do year-to-year comparison.

With an assumable loan, you can often buy with 10% (often much less) and still come out ahead in the long run, even if there is some initial negative cash flow.

DSCR is much more fluid, and is all I focus honestly.

I would say if you are originating them you need to be very careful with how it's drafted as if payments go toward paying down a loan then even though you call it a lease option a judge in a judicial state will view it as if the borrower then has equity and treat it like a mortgagei think that's where it gets a bad rap is a lot of people doing them do not know how. 

You'll be much happier for it. 

In return for your mentorship and guidance, I’m ready to work hard, learn quickly, and contribute wherever needed.