Hi Chris, As financing costs will be a big factor in determining profitability, you should be asking HMLs for proposals to fund. 

I look at it through the lens of dollar cost averaging my real estate investments.

Rentrange costs the manager to run each report, so as long as you do not abuse it or send the PM 30 properties I would help you.

Your ability to accurately estimate costs and efficiently manage renovations makes you an extremely valuable partner in any deal.

The stone elevation can be expensive but will really move a house quickly with the added curb appeal.Some things I like to add for not much extra cost..

Any tips on balancing renovation costs with tenant expectations when preparing a property for midterm stays?

It is always valuable to be able to walk into a property an analyze cost to repair, it is a huge factor in determining the feasability.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

With that, you could cover the costs for renovations, closing costs, or even set up escrow for those senior living sponsorships.

The instruments needed for the transaction will be state specific which means you should have someone from California chime in with resources who can provide low cost documents (as these will be boiler plate).