FHA allows the construction or renovation of an ADU on the property by refinancing into a 203k loan, but the property must remain your primary residence.This stuff is subject to change, lender specific, and subject to other factors.

I began the renovation process by enlisting the help of a relative and some of his friends to gut the interior.

After conducting thorough due diligence, including a professional inspection and market analysis, the property was acquired for $72,000.Renovation and TransformationThe renovation aimed to modernize the property, enhance its appeal to potential tenants, and maximize its long-term value.

The difference between the cost for a specific repair / renovation if you have a crew or need to find someone on a first time basis can be significant. 

From what I can tell, it seems like most of the very small towns in this area; tons of trailers, single family homes, no visible high rises or larger multifamily that I saw. 

With that said I am looking to do minimal work to renovate the home such as painting and adding new appliances.

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

It keeps everyone on the same page.3) The downside of using a PM who has their own maintenance company is that you might end up with larger bills as it is a profit center for them.

While renting the larger out.

The property has 7 acres with a 3/2 main house and a second separate 2/1 house (which also needs renovation) with its own drive.