Work in a balance reduction if you pay it off early?

Or get work done with a good GC and pick off some subs you meet to do work direct for you.

Love the value-add strategy!

We gave the current tenants a notice that we need them the evacuate in 30 days.

Off market deals usually have nonrefundable deposits and a clunkier process that isn't as suited for out of state people until they have good contacts in the area to evaluate the property (mostly contractors that feel comfortable evaluating projects for you).

This is a the perfect vehicle to use for short term like buying a  property with cash, then refinancing the property to pay the line of credit back in full, and use it again.   

You could put it on the market (and you'll know what that second assumption is), and at the same time do whatever you can to get the tenants out (and know what the first assumption is).

How long would the reno take to complete? 

You now have possession of the apartment. 

I started off with the standard turbo tax for 1099s and it felt limited.