The new mortgage on the new $340k duplex home which is an FHA loan is going to be a monthly payment of $2800 and we will refi ASAP (the current rate is 6.7%) when rates go down.We have done some nice improvements on the SFR and will be refinishing the wood floors before a renter moves in (July 1) so feeling like it's a great opportunity for the right long term renter and we plan to screen prospective tenants well.We are taking a $20k HELOC on the SFR for the downpayment and plan to pay that off within 12-18 months.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

These tools streamline your analysis and improve your due diligence.Finally, build relationships with sellers, property managers, and agents.

After a brief search, the IRS says-For tax years 2018 through 2025, if home equity loans or lines of credit secured by your main home or second home are used to buy, build, or substantially improve the residence, interest you pay on the borrowed funds is classified as home acquisition debt and may be deductible, subject to certain dollar limitations.

Which by the way, will still allow you to purchase more property and add to your depreciable basis that way.My two cents would be that it is a no win scenario trying to please a buyer with improvements. 

In DeCleene, 115 T.C. 457 (2000) the taxpayer closed on a vacant lot and then transferred the lot to a third-party while improvements were constructed.

Why do you want to use a cut rate contractor to improve or repair your major investment?

Focus on functional and aesthetic improvements that align with the neighborhood's standards.Managing the Property:1.

When you look at the data and strip out flipping activity the appreciation of improved properties is pretty much zero.

I would highlight the improvements, yet keep it brief since you will lose interested folks if you make it too lengthy.Greg's input is interesting with the videos. -- Greg, does Facebook still post your video ads in your area only now that you can't choose zip codes?