Renovating a duplex and renting i?

[Michael Karl]

So my dad was very interested in getting into rental properties so I offered to help him out with his first deal. He purchased a bank foreclosure duplex that was not in liveable condition.  Since he made the purchase we have completely gutted both sides and are in the process of putting them back together.  One of the sides was not as bad as the other so the less intensive side is moving along quicker then the other.  The question I have is it a bad idea to finish one side and rent it out while we are still doing major work on the other unit?  Has anyone done this and run into problems? lower rent because of construction? Tennant complaining about work being done? 

My hope is to stop trying to work on both at the same time, get one finished and rented ASAP and then focus on the other to have it rented before the end of the summer. 

Any input or ideas would be greatly appreciate  thanks

[Jeff B.]

Michael, 

I think the answer is a simple yes.  Upon interviewing potential tenants, I would explain to them the current situation so that they know that some disorder and noise could occur during their first few weeks/months.  I think it shows that you are a conscientious owner and will do what it takes to live up to your responsibilities of providing a equitable living environment.  Additionally, you need to begin creating revenue for this property. No matter what discount you purchased the property at, you have surely amassed some debt or bills that you would like to pay down or off sooner than later.  Additionally, it may take 1-2 months to get someone to move in,  you might just be done by the time this occurs.  

Congratulations and Good Luck,