We expanded to new markets, bringing on Dan Toback to lead a new division in Florida.At the beginning of 2023, we ended our successful journey in Western New York, replaced it with Florida, and despite the challenging times with record-high interest rates, we were still able to complete 78 deals between our Florida and NH markets. 2024 continues to bring its own challenges, forcing us to grow and improve.

As an agent myself, I always try to improve, and at https://smartagentalliance.com/ I get the guidance I need.

Am I thinking of converting this property for SRO/PadSplit model where refinancing may be harder to do because of property improvements I have made?

That could drastically improve the ARV. 

Anything less is not an ideal tenant and could potentially be improved.  

I suspect even if it is an improvement I could likely expense it under the Deminimis Safe Harbor if under 2.5K anyway?  

Issues like contractor delays, supply shortages, or unforeseen repairs can extend your timeline, which adds to your holding costs (mortgage, utilities, etc.).Tip: Factor in extra time for delays and have a backup plan to stay on track.Over-Renovating: Many new investors fall into the trap of over-improving a property, especially when they try to bring in their own taste.

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Boat and RV storage is at a premium for many people so you have a good idea to use existing land to generate income without doing too much in the way of improvements.

A 3-year or longer term gives buyers more time to improve finances, but requires the seller to wait longer.