Reach a predetermined number. 

Were you able to stay within your predetermined budget? 

I believe someone had utilities included in the rent since its one meter then if utility bills went over a pre determined amount then the tenants were surcharged equally.

Stepped Increase EscalationWith a stepped increase, the amount of your lease will increase periodically a pre-determined amount.

He told me to never go above that pre-determined bid price because auctions can get emotional...

All else aside, given the amount of rent you could be charging it may be an idea to sit down and develop a long-term (2-4 year) budgetary plan for the unit/complex so that you can 1)gradually increase rents to a more uniform standard--as one member stated, "if they are all comparable units, there shouldn't be a drastic difference in the rent amounts" 2)eventually get all the units with equivalent or comparable upgrades (to keep things even with the neighborhood comps based on ammenities), and 3)ease your mind about the financial plan and trajectory of your complex (so you can just follow a predetermined plan and adjust when needed as time progresses).

Do I get the house/rent and I give them back rehab costs with a predetermined interest?

This number will vary with the timeline since the timeline criteria is based on a predetermined set of financial goals...which in tern is based on either total personal debt items to be paid off, or cash flow needs for specific monthly bills.

@Barry Pekin The only instance I know of where this practice makes sense is when you are wholesaling an REO or a short sale and the deed restriction imposed by the bank prohibits wholesaling or re-selling the property for a predetermined period of time.

Motivated Seller has a property in pre-foreclosureWe set up a Subject 2 agreement with the sellerWe pay the arrears to make loan current and pay mortgage going forwardHave a Lease Option Tenant with an annual lease that auto-renews (Option expires after 3 years)This rent covers the mortgage plus provides cashflowAfter 3 year term, Tenant purchases the property at a predetermined price minus downpayment (maybe a portion of rent goes to the principal?)