Renovate later for less cash flow now

[Fareen E.]

Hi! Looking for some opinions please..

I am on track to close on my second investment property (3/2)  in a few weeks or so with flexible plans for the Seller to rent it back at a discount for a couple months. 

The question is: Do I let her rent longer, continuing to collect, then renovate before the next renters' cycle (around March/April or later)? OR Stick to her renting for a couple months and begin renovating in Feb then put it on the market asap?

Notes: 1. Seller is an elderly former school teacher of mine; does have somewhere to go but will be uncomfortable for her, 2. Someone other than her would rent $1650+ pre-renovation and after repairs monthly rental yield would be $2100+, 3. Our area is seeing 30-50 DOM during the off-season (beginning or end of school year), 4. There will be a decent increase in equity; ARV goes up by about $60,000.

Thanks in advance