My suggestion to improve your cash flow is to find another bank/lender.

Looking to improve my investment skills, I decided to get my residential home inspection license which led to me starting HLC Home Inspections.

As I said earlier, this is strictly for investment purposes.The property does not have to be turnkey, if there is room for improvement that's of no concern as we both have the skill set to invest in whatever upgrades are required.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

I was overwhelmed with projects at the time but paid $35,000 and sold two years later without any improvements for $125,000. 

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

We have our own design team, contractors, and real estate agency under one roof, which saves time, cuts costs, and improves communication across projects.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

My question is why you want to bring it up to code, other than just to feel good or improve your exit strategy?

Your equity can provide the funds to make those improvements happen, increasing your home’s value and making it more enjoyable to live in too.Getting a Business GoingIf you’ve been dreaming about starting your own business, your equity could be the kickstart you need.