It is proven high end and has some of the best views - it's truly a rare opportunity as developable land disappears quicklyIt's 8 prime lots (around $1m a piece) and half are multi family (2 duplex and 2 triplex). 

We are about to close on a property soon in Philly and are planning to do the following work --Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)My contractor is saying that (Approach - 1 ) - we don't need to pull permits.

About half the time the investors bought something really crappy in a bad area and the experience you describe will be repeated over and over.The other half of the time this is just bad luck and things turn around because the property is in a decent area.It's really hard for anyone to know which situation you fall in because we don't know where the property is located (precisely), what exactly you've been doing in terms of repairs and maintenance, who's managing this property, etc. 

I'm guessing it would be more fee friendly if I was to take out the full $100k from the property then only use half for the down payment and save the rest for a future purchase. 

How much money would it cost to add the half bath?

STR is half investment, half business; LTR is all investment.  

If math's hold, that's about half a million $ "opportunity cost" to NOT selling.

We have probably placed about 30 renters with Rhino policies in the past year and a half or so and have processed several claims against Rhino policies.

@Dustin Tucker - I would say that half of that statement is true because it depends on the time period when you buy. 

I don't know, but I've read half of your gross income will probably go into your expenses.