We bought a house and paid cash for it, forced some value into by adding over 1800 square feet onto it with very little cost due to an addition that was already started prior, and updated the house built in the 80's.

Depending on repairs and updates, $40K could get you close to furnishing the home, but if you want to add profitable amenities such as a game room or hot tub, it would be more. 

A 1920s home with new plumbing, updated electric, and a new furnace might be in a better position than something from the 1990s.

@Donald NewellThanks Donald - will post updates if something works out.

The property use to be an assistant living facility and has been updated , along with 5 acres, and two multi units on the property along with 2 single family homes on the property.

I'll be trying this out early summer and will update if I come across any problems in retaining the 4% rate.  

It's likely that the property will still need some updating that you'll be able to jump into as a tenant moves out or the unit you'll move into could be redone as well.

I got my real estate license in my late 20's, kept updated on continuing education, but only activated the license after all my kids started school. 

Adding keywords related to your investment strategy or market locations can be updated in your settings.

@Marcos Paulo Cerra I will definitely reflect and update on the process down the road.