Also, check out if there’s any new development or improvements happening nearby, as that can boost property values.

If the sellers aren’t willing to update records or make necessary improvements, it’s essential to weigh the potential risks and long-term impact.

I also found that being at "market" rents it takes longer to rent therefore missing out on a month or two of income negating the ROI on improvements.

Hey Tod, I took a very brief look at your first listing, airbnb.com/h/newport1bedroom, and the thing that jumps out at me as far as improving it is: address the 1-star review head on without attacking the reviewer.

I am not sure how much you get involved but do your employees contact the realtor and discuss market rents, do the math to check leases versus market rents and which lenders use the "lesser of the two".Closing in an LLC versus personal name can also add a rate hit as well as Escrow or No escrow.

Remember to split the expenses and depreciation based on how much you rent it out versus using it personally. 

Do you have cash reserves for capital expenses and improvements? 

Say my original loan was $500K, my cost basis with improvements is $1M and I cash out refinance with a $1M loan (can I include the interest of the new loan into cost basis since it’s reimbursing me my cost basis)?

Owning has advantages that LL does not such as no vacancy, typically lower maintenance/cap ex versus being occupied by tenants, and often property tax breaks. 

These items have me slightly concerned and weighs on my decision, making me want to "take the money and run".Question: Would you sell, abandoning a 3.125% interest rate, $1000/mo cashflow (which I believe would be roughly halved if a loan were taken for the capital improvements to the larger property), to lock in the equity gains tax-free made since 2020?