This was a cost-effective way to meet our requirement of providing just a stove and refrigerator (we don’t include washers or dryers), without breaking the bank further.But here’s the twist: If we were upgrading appliances for a long-term tenant with a stellar payment history, we might invest in brand-new appliances.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

@Arthur Savery there are some great comments already provided.

It is an incredibly supportive group, eager to share and to provide advice to anyone getting started.

Now that Steve has provided you with the right places to look, you will be even more prepared in your vetting the next time.

is so what lender did you use that provide non recourse loan?

-Provides peace of mind knowing you own the property outright, which can reduce stress, especially if income fluctuates during slower seasons.

The $1,500 net cash flow you mentioned represents a tightened rental return that could provide consistent passive income.

Two things I remember that probably don't happen today: -First property was a no-doc loan, technically low doc because you still had to provide information but with 30%+ down pretty much anything you wanted was yours.

Retaining your current home at a 2.875% mortgage rate maximizes cash flow, while accessing $65K in equity provides liquidity for your next steps.