Quote from @Alex Ng: I plan to purchase a property with an executory contract.

Planning to start a complete home remodel (interior/exterior) on a home (currently 837 sq ft), kitchen and bathroom bump out, and add an additional bathroom. 

@Stuart Udis plan A was to reposition as small office and keep it that way.  

if not, how would you plan to pay that bridge loan off before the balloon comes due?

Some investors prefer to start saving for these ASAP, while others plan to deal with them when they happen.The unknown is Maintenance costs, which are often dictated by how "hard" a tenant lives in a property.

Do you plan to further develop the agent side and turn that into a full time thing?

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

Starting small close to home is a great plan.

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Or like your plan use it all as a down payment on a much larger property.  4.