I would strongly advise against undertaking capital improvements with only a lease interest.

Right now I'm seeing small MF B-class assets trading at $125k/unit...so, you are at close to $4m...if that is your price point you can probably find twice the value in a secondary market outside the city....when you dip into C-class you can find a better bargain, but the turnaround story may be a very difficult undertaking...

Meanwhile, the second property might result in breaking even on the refinance without additional cash back, but it offers a quicker remodel with lower overhead.Personally, I would advocate for a slightly higher upfront investment to undertake a smaller rehab and ease into the process.

Here again, cool lighting, graphics and equipment will set your home apart.- View from the lanai.

We are not new to the game, but the undertaking we are considering is definitely out of or real of experience, maybe even our comfort zone.

Keep in mind I will be doing 80% of this work myself over the next year or so allowing me the opportunity to get more acquainted with rehabbing a property myself and boost my confidence in undertaking the next big project.Thanks for any advice, been listening to Bigger Pockets for over a year now and excited to take my first big leap!

I understand this is a big undertaking, so I am taking the year to read up, save up, and have a good plan going into 2025.

Below is a graphic shows typical Las Vegas construction:Tile roofs, stucco, metal doors, windows, concrete block fences and rock landscaping require little maintenance.

Yes, it seems there a few details I will need to figure out to make my decision to undertake this project or not.

For the small time investor, managing a single rehab is a significant undertaking.