I would suggest you put away $1000 mo for future repairs and maintenenace.

We will provide detailed reports of the properties for you to review, and then we follow through with the repairs or renovations you decide are needed.  

If you refinance the property now the loan would be $100K at 20% down and $80K would have gone to repay the original loan.First, if these are your numbers for rehab cost and after repair value, it is probably not a good deal to begin with and you shouldn't be doing it.

Budget returns and repair costs depend on several factors (all of which change over time). 

Slowly finishing our unit, I gutted our kitchen and totally re did it, house is 150+ years old so I’ve have to do many repairs to the plaster walls, still a bathroom to gut and exterior work to do.

This can involve public hearings and meeting specific requirements.Surveyor: Hire a surveyor to map the property and define the boundaries of each condo unit.Legal Counsel: Work with a real estate attorney to ensure all legal requirements are met and the condo conversion is properly documented.Financial and Operational Considerations:Condo Fees: Determine the monthly condo fees for maintenance, repairs, and other communal expenses.Insurance: Ensure proper insurance coverage for the condo association and individual units.Reserve Fund: Establish a reserve fund for future repairs and maintenance.Tax Considerations:Initial Purchase with 1031 Exchange: 1031 Exchange Basics: By using a 1031 exchange, you defer capital gains taxes on the sale of your previous property by reinvesting the proceeds into a new like-kind property.Down Payment and Financing: You're putting down $220,000 and financing the remainder at 8% over 20 years, resulting in a monthly payment of $2,593.Converting to Condos and Selling Units:Capital Gains Deferral: The 1031 exchange allows you to defer capital gains on the initial exchange.

:(Soooo.... depending on it's age (which you didn't state); perhaps Repair the roof, then shop Ins Brokers (usually out of state ones are best!)

Foreclosures, short sales, and off-market deals can provide these opportunities.Target up-and-coming neighborhoods with increasing home values rather than already hot areas.Research comparable recent sales and get an inspection to accurately estimate the after-repair value (ARV) before making an offer.Follow the 70% rule - the purchase price plus renovations should not exceed 70% of the ARV to leave room for profits after selling costs.Focus renovations on maximizing returns - kitchens, bathrooms, curb appeal rather than over-improving.Hire experienced contractors and have a project manager oversee work to keep things on schedule.Price the renovated home at or just slightly below comparable recent sales to facilitate a quick sale.

Another is Section 8 and unemployed.I’m open to Section 8, but my property manager says that the house won’t qualify and that it will need repairs such as:Fresh paint in some areasGarage door (garage is good, but door is missing)Filled cracks in drivewayPower washing of outsideOne New window (has very small hole)Phone jack removedLawn mowedI’m curious if this is all necessary for Section 8.

This can mean additional costs for repairs and maintenance to meet these standards.Administrative Burden -> There can be significant paperwork and administrative work involved in maintaining compliance with Section 8 requirements.Please reach out to me directly if you want to go deeper into the subject, especially on the financing/loan side of things!