I can't renovate with a tenant in the property, especially if they are paying below market rent.I DO find some properties that are in good shape, even tenant occupied that have a low cap rate - or SFR that have a low CAP rate - Should I be considering these properties?

You can find deals but they often need a lot of repairs/renovations, and depending on your skill and/or team, it might make these viable options or properties you want to avoid.

Use your bonus strategically by renovating, investing in a sinking fund, or paying down the mortgage.

Regarding your strategies I recommend you consider starting with house hacking a multifamily that requires renovation. 

I'm excited to introduce Nuovo Management Corporation (aka Nuovo Corp), where we bring creativity and integrity to property renovations, flips, and preservation services.

Im an experienced renovator and fireman. looking into buying my first investment property in my area.

Also, our renovations are effectively full guts.  

We bought at 375k, are currently renovating the basement, and have income of $4725 (before utilities, insurance, and debt service) right now.

We have put a considerable amount of money into the home to include a completely renovated 2nd floor 2 bedroom unit.

Whether it’s exploring new investment strategies or diving deeper into commercial appraisals, I’m excited to engage in meaningful discussions.In my spare time, I enjoy renovating properties and spending time with my family.Looking forward to being part of this amazing community and growing alongside everyone here!