- Consider low-cost cosmetic upgrades that could improve rentability or sale value.

UDFI typically arises when debt is used to acquire or improve income-producing property, and the proportion of income related to the debt can be subject to UBIT.

If you can qualify for conventional financing, a HomeStyle Renovation loan by Fannie Mae will let you do property improvements and not need to do a refinance once completed! 

Don't let fear stop you from making a decision that can improve your life.

Your clients are motivated sellers.You can NOT convert people who do not want to sell  (below market value) into people willing to sell below market value.The mistake people make (constantly) is their efforts are based on forcing non-motivated sellers to sell, by constant harassment.This is wrong.Instead of mass mailing blanket mailing,  and putting your energy in finding random people and forcing them to become motivated by putting a ton of effort and money into follow-up, you need to focus on targeting the RIGHT people.People who are actually looking for your service.Hopefully, it changes your perspective and you can improve your business.

Reinvest whatever money you save on taxes via depreciation back into more real estate or property improvements to continue increasing the size and quality of your portfolio.4.

- Local Development improving the area?

Sure there are people who have done it but like Joe mentioned above is why your rate on HELOC is probably higher than your first mortgage so you'd only do it if your balance is really low and near the end of your term anyway so you're just getting it paid off quicker (like the last 1-3 years of payments left) becaues you want to get ride of the monthly payment and improve your cashflow now versus later.

I want to improve them a bit and rent them out as much as possible.

Before a walkthrough and before signing a contract is it appropriate to ask the seller of a small multi family for:1.Rent Roll2.Property Tax Bills3.Utility Bills (last 12 months) (landlord pays all utilities)4.Income & Expense Statements (summary)5.Lease Agreements (Sample or Overview)6.Recent Maintenance Records (summary)7.Capital Improvements Summary