Finally, obtain a professional appraisal post-renovation to accurately determine the new value of your home.

First, it could help you qualify as a real estate professional (REP), or at least make it easier to qualify, which would allow you to offset passive losses from your rental properties against your active income.

Readers should seek professional advice.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

A DSCR of 1.25 or higher is usually required.Property Appraisal: A professional appraisal to determine the property's value and income potential.Business Plan: Lenders may require a detailed business plan outlining your strategy for managing and profiting from the property.Experience: Demonstrating your experience with smaller multifamily properties can be beneficial.

Doty II, and I’m excited to be joining this amazing community of real estate professionals and enthusiasts!

Hi Patrick - I would suggest to get the professional appraisal done.

Readers should seek professional advice.

I've paid for professional photography before.

The commission paid greatly outweighs having to go back on the market and potentially getting less than you listed it for the first time.Some individual markets are better for this than others, but if you have an agent with a great strategy on the list side (professional photos, staging advice, etc) and you pair that with listing the property at a low price; you increase your chances dramatically of getting a bidding war and not only offsetting the commission but potentially making more than originally planned.