Could anyone share their experiences or timelines tracking regarding the initiation and costs of property renovations?

Are you looking to close on the initial purchase, rehab it and then take a HELOC on the same property?

The goal, initially, was to sell this property, however we would really like to keep it to rent at this point.

Many investors bring their contractor with them on initial viewing, but it’s usually an established relationship.

Paid $270K for it initially with my HELOC and used an additional $70K from my HELOC to renovate the property.

I’m planning to initiate an STR in this locality and would love to join the community.

I agree with what you are all saying, so please disregard my post as I tried to delete it after the initial shock wore off that this happened, but BP does not seem to allow that.

Last fall I put offers in on some properties in Grass Valley and Nevada City at prices that would at least break even on initial cash flow, but sellers still thought it was Q1 '22 and would rather take their properties off market than sell for less than what they considered them worth. 

Some lenders may require a second appraisal, if the value is over 20% of the initial cost. 

And that's just the amount to meet the minimum threshold for itemization, you realistically don't start seeing any benefit until you hit those initial thresholds which is a lot of interest payments.