If you remodeled, added a room, replaced a roof, painted, boosted the curb appeal, etc. that's a different story.

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

Hey Natalie if you're set on holding onto the property I have a great property manager I use for my STR's that also will cover MTR and LTR's.

Renovated the basement unit, new roof, new soffit/ facia, new gutters, new exterior paint that was paid for by seller.

There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

I assume 15% of the rent for regular repairs and capital expenses (roof, furnace, windows etc.) and 5 % of the rent for vacancies.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

For those who’ve used it, what strategies or sources have worked best for you when covering the difference between your loan and the total project cost?