I am working with a RE-focused CPA this year who charges a flat fee of $2,500 and is very responsive so far. 

Roof is dried in. 

., new roofing, foundation repairs)-Cosmetic Enhancements (e.g., new flooring, updated bathroom/kitchen fixtures)-Energy Efficiency Upgrades (e.g., solar panels)-Accessibility Modifications (e.g., ramps, widened doorways)-Luxury Items (e.g., pool)-LandscapingNot Acceptable Renovations:-Commercial Use (e.g., turning a residential property into a commercial property)-Temporary Structures-Non-Residential Buildings (e.g., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

It is flat out not worth the headache, impact to other members and having to find new members anyway to fill all the spots that left because you wanted to fill a single room. 

I always assumed that the buildings in that area were condos and flats mostly.  

Roof?

Then it's simple, build the home, find crews to do the work (you should already have them basically from the prior step), excavation, concrete, sealing, framing, roof/gutters/siding, windows, insulation drywall, plumbing, HVAC, electrical, finishes, etc. basically in that order.

At first, he was anxious about having multiple tenants under one roof, but with the right house rules spelled out up front, it turned into a solid monthly cash fow for him.

I think that '25 will be a transition year ("end the dive in '25") for the reasons you stated--construction will fall off in Q2-3 but demand will remain...that sparks rent growth.Interest rates:  Yes, flat to up. 

Markets stay flat for five years and you've been bleeding cash then what?