If we can complete projects faster, we increase IRR and build trust.3) Market Risk- The longer it takes to complete a project, the more exposed you are to market fluctuations.This goes for all things Real Estate - BRRRRs, Flips, New Builds, Rehabs, etc.Real Estate is a wild ride I feel your pain, I've had this happen many times where the project is twice as long.

The only additional thing that needs to happen is make sure appraiser makes note of why the value increase in as is vs previous purchase price.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

Additionally, what do you look for in a property to increase the value i.e. what are typical items to target?

They have been historically reliable over the last few years but I am hearing some rumblings of reduced leverage, slight increase to rate, or some kind of minor tweak to DSCR lending with some programs.Happy to jump on a call if you have any questions or concerns.Good luck!

Also if you get signed up for Pro it locks you in at that price and you are not subject to further price increases.

Many states have discounted property taxes and lower yearly increases for owner occupied properties.

In the meantime learn and figure out how to increase income/savings.