If you can afford it and get a return I think the long term way to go is the deeper renovation.Now- if you think the downstairs is the diamond in the rough- then get her switched upstairs and start down there.

Tiara whether it is an investor,broker or both everyone has to (dig for the diamonds) these days.I have thousands of contacts nationally in the retail real estate space with property managers, direct owners,developers, and other brokerage companies.The Fed is talking about raising interest rates 3 more times possibly in 2017.

Having $2M in diamonds isn’t the same as having $2M in mutual funds which isn’t the same as $2M in income producing real estate.

Heck, I'd be bugging your PM and ask when what else they manage and if there's a few diamonds in there, make an unsolicited offer. 

They want me to be the gatekeeper screening the crud out  to find the diamond quality buyers. 

Diamond Head/Kahala  area: Over 2 1/2 months showing SF house, over 3k sq ft, 16 inquiries, 10 tours, 3 no shows, 3 never arranged a tour. 0 rented.

If this truly is a diamond in the rough, go for it!

Is it better for me to start off on a beginner trail, or should I tie myself at the hip to another beginner and huck both of us off a double black diamond?"

Talk about a diamond in the rough.

You guys have given true diamonds of advice.