@Tyler Prosser, When combining 121 and 1031 the reinvestment requirement for the 1031 is $500K less than the net sales price of the property. 

@Noah Bacon I think the fact that they are combined could be a reason this is a less-popular forum.

If the balanced is refinanced into a conventional loan there would need to be enough value in the property to meet the lenders CLTV (combined loan to value) underwriting requirements. 

I've been able to get a healthy combination of both cashflow and appreciation from all my properties after a little TLC.

The best scenario is a combination of all 3 or some other unfair advantage.BRRRR is a cute term, but let's call it what it actually is - you're taking on a mess and long list of problems that someone else could not solve.

Or what combination of both?

As of now, there is the community and masterclass combined. 

Renters, ESPECIALLY those who know they are only looking to rent for a finite period are generally focused on function over aesthetics.

There are lenders that will allow up to high combined loan to values for helocs and/or second mortgages. 

I'd prefer the bulkhead as it has more functionality, but not sure if that would satisfy code to make it a "legal" bedroom.I am hoping to refinance the property after I make the improvements to get my money back out, but that would definitely require the additional bed and bath to meet code and be considered legal.If anyone has the answers here, could point me in the right direction of where to find them, or just has any advice in general, I'd really appreciate the help!