I’ve recently come across an off-market single family home that has been modified into a triplex with 3 separate floors as units.

Often, local real estate associations have sample forms you can use and modify for your purposes.Another recommendation is to use an LLC to hold your rental property, isolating the liability of the property and protecting you.

As you start to notice trends you will need to modify pricing during specific times to optimize your occupancy.

@Chris Seveney, @JD Martin@Jay Hinrichs My gut feel is that, a lot like myself, successful, experienced real estate investors utilize some MODIFIED version of strict wealth building decision making.  

So the 3rd great modifier to my actions would be, if I had that cash today instead of the property, what opportunities would I have for it's deployment?

Most lenders will have clauses that allow them to modify the terms, freeze, or even call or convert the line if certain events occur, to include ambiguous events like changes in personal financial circumstances.

With today's higher rates and more conservative appraisals, the math often breaks.Smart adaptations I'm seeing:Extending the holding period before refinancing (from 6 months to 12-18 months) to allow rent growth to catch up with investmentFocusing on properties requiring less intensive rehab to minimize the gap between purchase and stabilized valueNegotiating seller financing for the initial purchase with terms allowing early payoff without penaltyPartnering with private capital for the initial purchase and rehab, then refinancing to return only a portion of their investmentOne investor modified his approach by purchasing properties with in-place cash flow, even with deferred maintenance, rather than vacant properties needing complete renovations.

If you have 1-2 lines only going to a unit you can modify the plumbing and install a submeter that either you read or you can get them to work on WIFI and report to you the reading. 

And that lease is normally worded to give you more control than a regular tenant would have - such as the right to modify / upgrade the property to an extent, sub-lease, etc...

I will modify if needed.