Hopefully this saves you some time:https://www.consumerfinance.gov/ask-cfpb/what-happens-if-the... 

Save up money.

Building a trusted network of contractors will save time and ensure consistency as you scale.

This is substantively more “downpayment” savings upfront.

As I look forward to retirement I have often debated with myself this dilemma?   

The builders lender was pressuring them and would not give them new loans until these were retired..

You certainly do not want to hold these things for decades as a retirement plan. 

It depends on what the terms of your mortgage are.Pros-with no mortgage, you have higher cash flow.Cons-if you plan on buying more properties, you are better off saving the money for a down payment for your next place.The big questions are: can you get higher than 7% return if you invest that money elsewhere? 

Financial Highlights•Acquisition Price: $72,000•Renovation Costs: $35,600•Total Investment: $107,600•Funds: raised from personal savings and private lenderHow did you add value to the deal?

I feel I have a rough idea, which is..I'm in Rogers Park, my next important step is to wait out 1.5 years until I can fully rent out the condo, but for the meanwhile get a roommate to save more money.