I could use a half a million to upgrade them to get better tenants, but it will be a while before I am comfortable for that. 

I would plan to pay for majority of upgrades with a line of credit.I have a few additional reasons beyond monthly cash savings to sub-meter the electric: 1) There is one thermostat in the house, controlled only by tenants in the largest unit.

We're seeing new 3700ft builds out in the the south end of UT county on .2 acres, 1850 ft finished for a base price of 375k - that's before you upgrade to an ounce of tile or granite.

I have spent lots of my own money upgrading and maintaining his home.

We knew we would make a good chunk of money off selling our first home, therefore we wanted to put that profit towards upgrading some things on our new house (metal roof, hardy siding, etc.)

I just upgraded my account to be a "Pro"! 

@Deb Searcey,I'd show a picture of the original house, and then show a picture of the new flooring, and state you're "Upgrading the Floors so it'll be brand new for an August move in!

I can most likely upgrade to get another 100 per side.

I moved into the single family home, and have the apartment out back rented and my old apartment at the 4 unit rented out, and those two extra income properties cash flows quite well while upgrading my living conditions from a 1 bedroom apt to a single family house.If you're trying to refi out of your FHA to use again, you would need to have at least 20% equity in that property to refi out of the FHA.I love your strategy and as long as you live in the FHA property for a year there is nothing illegal about it.

If that $35,000 includs a lot of cosmetic upgrades in the kitchen and bathroom, you could skip those and rent the home to a Section 8 tenant for $1100 a month.