@David YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Some will handle their own renovations, while others might negotiate a TI allowance.

Currently have a cohost and have only rented it out one month,I  did beautiful renovations and install.The positive income is going to eat away at our retirement when he retires.

Hopefully, you find it helpful and qualifies us to assist you with your goals:)---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

Our team buys the properties and converts them and manages them so it has been a great learning experience seeing all three phases from taking down a project, renovating the building then managing the lease up.

Hello,I am interested in purchasing a recently renovated $195K property as a 'secondary' home for the next 4 years to use as a future LTR.

It all started with removing some interior walls and changing the floor plan, removing a chimney, adding a bedroom and bathroom, installing patio door to the backyard, and completely renovating every other interior element What was the outcome?

What is the average renovation cost?

I think having a balanced budget would be ideal where you allocate money into buying another property and money set aside for renovations.