These are typically located in lesser-known vacation rental markets, but have very strong fundamentals and great room for improvement. 

this will yield a bunch of random markets all over the countrywhy not pick a market where you have some kind of advantage and focus all your energy on that? 

You'll also want to consider if each lender provides funding for renovations/improvements.

Ultimately I had a vision for how this particular home could easily be improved and rented for top market without much headache.How did you find this deal and how did you negotiate it?

Put all your cash flow into improving your existing rentals or buying more.

I bought a multifamily property that was undervalued, so working on renovations and improvements now.

Average maintenance and capital improvement: 350/month (4-5kyr).

I guarantee Musk cares more about his money, property, kids, and bathroom floor than the hired help, but that doesn't mean he is better suited for the job or that he has the time, skills, and energy to handle it.Maybe you're part of the small percentage that can do a better job.

Their book is super helpful, and so far I'm guilty of at least half of all the newbie mistakes they talk about, so I expect my rental operation to improve as I implement their advice over the course of next lease term.

I’m trying to get a better understanding of the unlevered IRR hurdles SFR / BTR investors have for value-add improvements.By "value-add improvements" I’m referring to upgrades made to a property that increase rent or purchase value, often including kitchen remodels, bathroom updates, solar and other energy efficiency improvements, fresh paint, a new garage door, finishing a basement, adding a deck, and updating flooring, to name a few.I’ve been hearing a lot of different reactions to this question the last few months.