I am finally at my two year mark not being W2 so if I can skip past DSCR loans and the such that would be much preferred as I dont want to pay the fees if I don't have to as I am trying to get some money I put into each unit to renovate back out of it. 

I am budgeting for roughly $40K renovation (I have some construction skills).

Hey @Matt Smith 👋🏽I agree that it's not worth renovating the basement - too costly.

I’d also look into using an FHA 203k renovation loan, allowing me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

I live pretty central in Houston, on the train line and my home have a full renovated Garage apartment that has been listed on the popular platforms. 

Just to confirm my understanding, you are living in a side by side duplex in Miami - you want to renovate the other side that you aren't living with a renovation loan?

Other options include the BRRRR strategy, which allows you to recycle your capital by refinancing after renovations, or partnering with an experienced investor to scale faster.

The remaining cost-the  Renovation-will be paid using the HELOC. 

There's a 38 unit fully renovated likely willing to sell at over a 7 cap.

I’d also look into using an FHA 203k renovation loan, allowing me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.