I do like how explicit their forms are, but I can probably delete a quarter of it as not applicable.By the time we have the lease, the non-standard addendum (so they shovel snow and mow the lawn), the rules and regulations, and the lead paint disclosure, that's too many pages!

If you want the reward of 3/1 ARM refinance to save your 600 cash flow per month and you're okay with the maximum reset at the end of 3 years and you've planned your plan A, B, C exit strategies then you'll have clarity for 99% of possibilities that come up.It may be good to sell your primary if your current primary is not providing you much interest over your standard deduction.

We use a Standard TREC management agreement so if they are using a state created and sponsored agreement there should be an out clause in there I would imagine.

It typically takes about 23 years for the amount of principal reduction from a standard payment in a 30 year loan to equal the amount of interest.  

It gives a standardized method.  

There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state.

That number knows nothing about your rental standards, move-in requirements, or schedule/availability.

You obviously are efficient, do you have a standard materials list for finishes for your contractor to purchase?

It's government money, there is no reason to spend money to improve the property simply maintain it to the agencies standards.

@Tim KellyIMHO, smaller buildings are harder to renovate with tenants in-place .... the saving grace for "conversions" is units are often sufficiently dissimilar that you are not trying to renovate them with all the same cabinetry and flooring.With larger buildings you usually have 2 - 4 standard layouts, so you are buying tens of everything.