With HML at least you in theory can vet the property and keep a low LTV to ensure you can be made whole.

I have 3 homes managed by a property manager.

Many of them have restrictions that you must owner-occupy the property for a minimum number of years - or you'll have to pay it back with interest.Also, the standard mortgage requires you to owner-occupy a property for a minimum of 12 months before renting it out.

If a property needs too much work upfront, it may not be the best first investment.4.Factor in property management costs—even if you self-manage.

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.

I would look at the DSCR loan as the first option.By the way, I suspect you are going to be disappointed by any refi appraisals   ADUs typically appraise poorly   JADUs can lower the property value Vs having the space as part of the primary unit.  

It will NOT be an A/B class property. 

The property will be worth 220 when complete. 

Hello, I am new to the BiggerPockets forum and looking to purchase my first investment property this year.

Links to 2 properties in Nashville and 1 in Memphis using the same approximations.