We'd be looking to start small as mentioned with a 2/1 or 3/2 rental but not sure if it's worth looking in the states just yet or with future deals.Thanks BP team!

  $225k profit per property...and your idle cash earns/saves high cost of borrowing (as you mentioned) and de-risks development. 

Good point and I should have mentioned it.

They mentioned that with the rent increase, this improvement is the least I could do.At this point, I’m hesitant to switch to hardwood floors, as they’ve just started paying the new rent, and it would take some time for me to recoup the costs of such a change.

@Michael Plaks Honored by the mention!

Rent paid for all of the expenses, so it cost me nothing and over the years (I kept it for ~20 years) price almost tripled by the time I sold it.Not sure what grad program is 3 years (I'm used to 2 for masters, 4 for PhD), but if you do need to sell one, I'd look at each property and see which one has the most equity, highest interest rates, lowest return, major expenses in the near future (eg new roof) and you mentioned you'd lived in two for 2 of the last 5 years, so have capital gains exemptions. 

Hi Rene,I have received four quotes so far:First Quote: $90,000 ($273/sq ft) or $100,000 ($303/sq ft) as mentioned in the initial posting.Second Quote: $92,000Third Quote: $158,290 (Including Interior Design)Fourth Quote: $140,000 - $150,000I plan to go with the first quote/contractor, as they've previously done renovations in the house, and I appreciate both their communication and work quality.

I forgot to mention that the arbitrage renter is a very experience host with good reviews for many years and with a team in place.

As Nathan already mentioned, it's tough to provide guidance without your goals, skillset, etc.

It’s worth weighing that against the benefits of accessing that equity for future investments.Since you’re considering DSCR loans, that could be a strong option, especially if you’re focused on rental income covering the mortgage—no personal income or DTI requirements needed not to mention the easy qualificaiton process compared to conventional.