The $105,000 renovation budget was a significant commitment, but we managed the project efficiently.

Period.

Specifically around efficiency in devices when not maintained and challenges with realizing potential earnings with device electrification upgrades.

There are all kinds of potential bad outcomes of this for sellers.Most businesses and consumers should be striving for efficiency and transparency. 

@James SillsPrivate money may be difficult for multifamily because the asset you are repositioning may need seasoning, a period of time to show that income/expenses have stabilized.

Likewise, the Fed will not hold interest rates high for a prolonged period of time (but the next couple of years will see them elevated I guess)… In the short term they will continue to raise them to continue to combat inflation.  

However, for the strategy to be effective, clients must ensure that they meet all the IRS requirements, such as maintaining the short-term rental for a sufficiently long period and passing one of the material participation tests (e.g., 100+ hours of active participation).2.

Consider getting contractor bids during your inspection period to have more accurate numbers.3.

What was the most efficient way to dealing with the transition?

I already have discounts set up, even the 10% they request during certain periods.