What I can say is that the headlines about the difficult tenants and rent restrictions cause issues or a small fraction of property owners - but you'll never hear about the 99% of cases where tenants are paying on time and respect their landlords' properties. if I'm in your shoes, in terms of recommended criteria, I would opt for looking for strongly appreciating areas and not just monthly cashflow.

With that flexibility, you'll also have access to your property for vacation until you permanently move.

Home Equity Lines of Credit (HELOCs) or cash-out refinances can access built-up equity without selling the properties.

@Basit Siddiqi is exactly right that Philadelphia / NJ has some unique reporting headaches that are often screwed up, so whoever you work with, gauge their experience working in numerous jurisdictions, or their teams access to those subject matter experts.Those in the construction world and rental world open themselves up to some substantial opportunities from a tax planning perspective, but also need to be sure they thread the needle carefully on the real estate professional rules to actually qualify for them.

Some cities require permits and have other restrictions, etc.   

The specifics should be clearly outlined in the lease agreement.Documentation and Approval:Document the TI allowance in the lease agreement, specifying any conditions or restrictions.

I also forgot to mention that Rent To Retirement Academy members get access to biweekly group coaching calls, our private Academy group, and biweekly presentations from industry experts. 

Restrict to secondary family rooms etc.At least you can keep things narrowed down to assure less wear and tear on the whole place.

Neither one allow full access to the entire closet i.e either half closet blocked with sliding type or part of closet blocked with bifold especially in a smaller closet.

Simple answer: If your current mortgage rate is favorable, a HELOC can provide flexible access to funds as needed for the renovation.Although, there are some different ways to get creative with your situation which I am happy to explore with you, as I am a loan officer.