If you default, they want some equity to recoup their investment - Especially if you haven't repaid them $0.01Good luck and keep us updated - It helps.

New floors, completely repainted, new appliances, half bath added, and electrical updated.

I was, and still am, in the acquisition phase so I knew that many of the properties would need updating and that in a few years they would all be stabilized with increased rents.

Purchase price: $148,500 Sale price: $174,500 Purchased with a plan to live in and update over 5 yrs and then sell for a profit.

This is similar to what you're looking at underneath:https://manhattan-nest.com/2014/01/06/the-great-box-gutter-repair-update/

I have updated 90% of the units, raised rents and increased the NOI.

I have updated 90% of the units, increased rents and increased the NOI.

As of the 2017 NEC Update, GFCIs are required in all of the following areas:Underwater pool lighting (since 1968)Outdoors (since 1973)Bathrooms (since 1975)Garages (since 1978)Kitchens (since 1987)Crawl spaces and unfinished basements (since 1990)Wet bar sinks (since 1993)Laundry and utility sinks (since 2005)Crawlspaces at or below grade level (2017)Unfinished areas of the basement (2017)

The lady did mention it was in good condition but it would need paint and some updating Here are the numbers let me know if I'm missing anything and if you have advice related to this please let me know. 

Quick update, I spend an hour on the phone with SBA and spoke to 2 different reps.First rep read off an "internal" list of approved and non-approved uses, but was unable to send it to me nor point me to any documentation online that gives specific examples.