His lease says they have use of the entire property for $X, if he wants to increase the rent that is separate from changing what they have access to.

This is assuming:appreciation: 3%/yearincome increase: 2%/yearexpense increase 2%/yearWhat are some considerations?

For this similar price. 2 bedrooms under $300k : rent a room, Reno the condo, increase value and let it ride while paying down the loan , taking tax benefits and growing equity.

House hacking cash flow increases depending on how little space you can live in for a year (or more).I can't speak to Minneapolis inventory directly, but multi inventory is low in a lot of places.

This has become increasingly problematic  with rising material costs and more burdensome building codes now present in most municipalities. 

These allow you to:1.Force Appreciation: Actively increase the property’s value through strategic renovations.2.Leverage Equity: Either refinance or flip the property to build more liquidity for your next deal.If you’re interested in chatting more about strategy or need guidance, feel free to shoot me a DM.

Increase earnings, reduce expenses, save, and invest.

If you are working with a reputable company, then you buy the property, hold the property and look up 7-10 years down the road and have a home that has increased in value and a debt that has been reduced by your renter.   

Nine  states are COMMUNITY PROPERTY STATES, where all property accumulated during the marriage, OR the INCREASE in value of existing separate property (property accumulated prior to the marriage), is considered community property which can only be divided 50/50, UNLESS the division is made to offset some other imbalance .  

There's a sucker born every minute.The best way to build wealth is to increase earnings, reduce expenses, save, and invest wisely.