They were not straight forward with the renovations and even tried to hide a painting error they made and have us pay to have the room redone.

There are new laws affecting California transactions in 2024, some of which are very relevant to investors and house flippers.According to the California Association of Realtors, starting July 1, 2024 most 1-4 unit properties that are resold within 18 months (aka flips) must disclose:- repairs, renovations, room additions and structural modifications that were performed by a contractor with whom the seller entered into a contract- the name and any contact info for the contractor for any work over $500- any permits obtainedSo you still can be an HGTV star, just make sure you do it by the book. :)Have any of you flipping in the Los Angeles area been affected by these new disclosures?

Now with scope creep anytime you open a wall expect its going to cost more. if you are doing paint and carpet that is one thing but the moment you start renovating bathrooms etc. expect the cost to increase as you do not know what is behind those walls.

Who have you managed these renovations/apartments for?

Basically you need to be able to pay a large part of a long-term (multi-year) lease up-front, then still have some cash for renovation and interior/furniture, to finally recoup the investment through STR and a hopefully very quick way.

@Sara Plaisted & @Francis Ferrer The renovation took a year but it was well worth it.

Our insurance reimbursed us for the lost rent during the renovation/repairs.

How much does the buyer intend to do in renovations and when?

For example, landlords can usually afford to pay more than house flippers because flippers incur higher costs for renovations and must cover agent fees and related expenses.

Does anyone have any tips on the best way to finance renovations/improvements for properties like this?