Would the value of the remodel increase the rents or the selling price that would out weight the cost? 

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

To simplify the scenario I'm envisioning let me put it this way: what does a BRRRR look like when one of the parties contributing to the down payment and rehab costs ultimately ends up being the renter as well?

Of course, I had to make additional assumptions about the cost of property taxes, insurance etc. 

This allowed our partner, Jamari Sprueil, to move forward without any upfront costs.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

We cap the rate for utilities and actually added about 10% above our normal average this past year due to rising utility costs in our area for gas and propane.  

Streamlining Renovations for Efficiency & Cost ControlManaging multiple renovation projects at once demands an operational efficiency that can be tough to achieve.

This is unlikely to be profit, this is to cover your costs on the backend at move out.Secondly, find a good pet addendum and have them sign it.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.