They will improve, but never "pop."

Yes the Class feature Cost a bit extra which is a bummer bet the support for it is amazing, and it is easy to allow access for Tax Accountants to pull the reports they need rather than my clients playing middleman. 

Owner needs cash for some improvements, but if he refis interest rate is 11%.  

I still wouldn't give people an all-access closet. 

They cited insurance reasons, which could very well be true, but many residents felt it as a big "f you" Now folks from outside the community could argue this was an entitled stance from the residents, to feel they had access to this private land when they didn't, and that on the face is certainly true.

@Joshua Christensen wouldn't expenses naturally be less if the seller's just spent about $75,000k on cap ex improvements? 

@Dennis Bragg, how did you factor improvements and market appreciation into the buy-back price?

You would then stress to not incur any improvement cost above $22,000 or you may have to liquidate the property.In this scenariod, $60,000 if you are making an above return at 10% to 12% annually + $30,000 making $4% in a HYSA, the average return is maybe around 8%The blended return would be about 9%You may be better off investing in the stock market, get a slightly lower return but without all the added stress / work.

This would allow you to access some cash for other purposes ( Tax Free) because a refinance is not a taxable event.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.