I bought the property at $365k, and its new *estimated* value after renovations is 390k-400k.

,Buying, renovating, and selling is a great strategy, but here are a few things to consider:Start with the Numbers: Make sure you know your ARV (After Repair Value) and work backward to calculate your budget, including purchase, renovation, holding, and selling costs.Financing Blindspots: Even if you’re buying in cash, plan for potential delays or overruns in renovation costs.

However, a larger home may consider another can or two in certain locations based on proximity to the kitchen or bathroom.

Its an old house that would need a renovation, so I was thinking about how I would add rooms to it and realized I'm pretty clueless about it. 

The top unit and rest of the townhouse is completely unliveable without renovation, the only liveable spaces are the two studio apartments that the tenants live in.

A turnkey property is already renovated and ready to rent, so you don’t have to worry about repairs and can start earning right away.

Since the tenant has been there a long time your market rent will be less than market rent for a newly renovated place which should be a consideration of the tenants.

Furthermore, since these are turnkey companies and praise themselves on their renovations, the B class turnkey is using only 2% of rent (which averages around $1500/pm) for maintenance, and the C Class turnkey is using 7.5% of rent (avg about $1000/pm) in their calculations.

I would echo what others have said - 100% start locally because you need to gain an appreciation for what it means to be an investor, understand the lifecycle of a deal and be on the ground to observe what's going on with renovations etc.

@Jeff ShaverIt's good to see a fellow San Diegan on here.If your goal is higher monthly cash flow, transitioning to larger assets with better economies of scale (like multifamily) could make sense.