How do you calculate that and what are the pitfalls to avoid?

Searching for tips and pitfalls encountered when converting personal residence to a rental.

We recently did a full kitchen reno, added a powder room and will be putting in a deck this spring on the NJ house.After these upgrades are complete, it’s our goal to refinance our home at a higher appraised value and use those funds to invest in a multifamily property (still evaluating markets).I have a good relationship with my lender so was planning on opening the conversation there, but does anyone have any tips, pitfalls, etc. when it comes to refinancing after making renovations?

Ask both about what to do and how to manage but also about what pitfalls to avoid.

We had a few pitfalls with tenants like @ Steve K., however, our markets remain strong in the multifamily sector, so no complaints. 

Yes, the goal is to accelerate the units quicker, but I do know the other pitfalls of moving into the commercial side, especially with financing.

Do we have anyone here who owns rental properties in small towns that knows the pitfalls I don't?

I’m a new investor so I’m hoping to avoid any major pitfalls before my first big splurge.I currently have a mortgage on a home that I still owe $207k on.

What are the pitfalls here?

However, as I am always looking to have my assumptions challenged, let me know if there are any pitfalls to labor only bids vs bids that specify labor and materials costs separately.