I'm looking at properties in the Pittsburgh area as well.Now that a year has passed and you've likely gone through a renovation process, how close or off were these estimates to your actual rehab costs?  

But when the two elevators went down and we realized we were barely able to make DSCR and weren’t cash flowing enough to cover long term major maintenance and cap ex, we had to pivot into Plan B.in regard to renovating in a partially occupied building, it’s a nightmare.  

Your LTC leverage is also very similar to a bank construction loan but between origination fees and interest charges you will incur  ~$20,000 more in finance charges during the life of this renovation project.

Renovations and Repairs- The property is  a ~100yr old brick  building and will require some work before its rent ready. 

Even with very little cash on hand, you can get creative financing; for example, I did my first flip renovation with a new business Credit card one year with 0.00% APR, paid everything back after the sale, and got points and signup bonuses.

I fully renovated the upper unit with well-above-average finishes, and it's been averaging ~$2,850/month in gross rental income over the past 12 months as an STR on Airbnb. 

Instead, I'd just rely on a CMA (comparative market analysis) of renovated properties in the area from your realtor unless you have local MLS access yourself to run the report. 

What renovations are you doing?

After renovating, I'm ready to refinance and push the property to my LLC.

A couple of weeks ago, I came across an awesome off-market deal on a hundred-year-old house a few weeks ago and thought all I had to do was renovate it and I would have myself a nice little home to live in long term.