Hello all! :)Someone I reached out to on an off market deal told me that they couldn't sell because they bought the property as a rental in the 70s and didn't want to pay the capital gains. I'm curious if this has com...

With that said, I have personally seen a lot of activity in the last two weeks.

It has 3 units, an additional dwelling unit in the garden level, and 2 garage parking spaces (which I've come to realize are quite valuable where the property is). 

Some hotels actually have a condo like structure, where people can own the units, but perhaps are limited on their personal use to only a certain amount of the year - the rest of the year it is in the rental pool managed by the hotel.If numerous room owners stopped paying their bills, you could get tax liens on numerous separately owned units.Hotels are a tough business, an issue I also see come up with them often is that they require refreshes, expensive and relatively often - at least once every 10 years, if not more often. 

After discussing their goals, we realized they would like to maximize the property's value while also including me in the process, given my background in general contracting.

Personally I would defer this question to someone with design experience, not sure I have seen too many on here commenting.You could do something neutral but remember especially with the rug if it is light color it will likely run quickly.

Realize most investors are looking for returns now.  

This is not personal, but if a person cannot save money now real estate is the worst investment to get into as it is one of the most cost intensive businesses to be in.  

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

The best way to learn about how to really invest in real estate is to read books, listen to good podcasts, and pair that with going to in-person meetups so you can see people just like you, married with 3 kids, who are making it work for them.