Quote from @Rob Bergeron: Guys, this Jefferson Coutny lead paint ish is going to be wayyyyyyyyyyyyy worse for owners than you understand.

So its just very physiological warfare against these potential students.. sell them on futures  paint a rosy picture tug at their heartstrings get them all motivated to spend money then let the go at it..

The property is undergoing a light rehab (new paint, new LVP flooring, new toilets, new kitchen, new vanities etc).

Painting, plastering, refitting out fixtures and fittings, windows and doors.

And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right?

Quote from @Daniel Araque: Thank you Georgy, that paints a much clearer picture for me.Essentially it behooves me to pay off my line of credit as fast as possible because the longer it takes, the more interest I'm paying which in turn eats up my total profit for that single investment.I did the math based off the following numbers. $10k line of credit at 8% , 10 year payback, $121/month payment. $1k personal cash flow after all bills/expenses paid.

Also the majority of those costs to covnert to a 2nd unit will need to be capitalized and depreciated, but some things (new appliances, flooring, paint, kitchen cabinets) can be shorter year assets vs. across the full 27.5 and IF it turns out that unit is > 50% you can use bonus as well on those items.

New roof, siding, soffit, fascia, flooring upstair, repair fencing, yard work/landscaping, new flooring upstairs, new vanities, kitchen remodel, new paint job What was the outcome?

Well, I wouldn’t go that far, people throw that word around too much these days but I would say they made a lot of promises that they haven’t kept and paint a very unrealistic picture with an extremely high pressure sales scheme that does a disservice to the vast majority of their students.

Buy a house that needs cosmetic work, kitchen, bath, flooring, paint, lights etc and fix it up yourself while living in it for a year.