So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

Everyone thinks they can paint but there's a big difference between a professional paint job and a non-professional one (the latter usually actually damages the property instead of improving it). 

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

If the fence is shared and in bad shape, framing it as a mutual improvement could help.

Search it on YouTube today, you will not be disappointed!  

Improvements What was the outcome?

Historically, full service management on the coast has been costly but in recent months management rates have come down and quality has improved.

Listening to YouTube big shots that have great advice on professional ways to handle problematic guests ( most are great but everyone will get bad apples), staying at the property when you have an open window of time and actually get the guest experience (this is critical), and looking at your click thru and conversion rates to get a good baseline.There is way more work to running an STR than a LTR.

Your equity can provide the funds to make those improvements happen, increasing your home’s value and making it more enjoyable to live in too.Getting a Business GoingIf you’ve been dreaming about starting your own business, your equity could be the kickstart you need.

The main use of the extra revenue is capital improvements; new roof, furnace, monitored fire alarm system, etc.