You want not only qualified tenants (credit score, income, background checks, etc.) but quality tenants.

Assume you have cash currently earning 4.6% in high yield savings.

As others have stated, your fit & finish goals should be guided by whether you plan to:1) Rent: tenants don't always take care of a property, so you want to use lower-grade materials and workmanship.2) Flip: higher quality on workmanship and materials is usually required.Regardless, you always want to "Maintain to the Neighborhood".

When you do things the right away all the time, you can't be pressured by a high maintenance tenant.

Rates are high.

These updates made the property highly attractive to tenants.

Additionally, it's essential to exercise caution with certain hard money lenders, as some may eagerly finance questionable deals with the intention of foreclosing.

We can't find the next opportunity, have little economy of scale, so I'm forced to keep our reserves high.

People focus on the rates because they are a singular number and easy to understand but you can lose money on a rental at a low interest rate and get rich paying a high interest rate.

It may be best to partner with someone that has done one before or somehow is a local expert on lot splits.If you can add a bathroom into existing space on high cost property it can add a lot of value.