HOAs had to take from reserves to keep the property, pay utilities but now they may want to try replenish these reserves.One other thing to think about is that some HOAs often limit the number of rentals within the community - a certain percentage needs to be owner occupied for FHA certification (for others to obtain loans).

Obviously if the fund is emptied for a repair you would replenish it but how so you all figure the correct amount of "just in case" money

Now I'm replenishing my cash reserves from all the pitfalls involved with an Army PCS that goes tragically wrong, including a house that sat vacant for a quarter while unexpected repairs and a bout of bad PM kept tenants away.

An alternative would be to replace the windows in those units with predominate north and eastern exposures first and the others at a later time after you have replenished your reserves.

Thank you @Justin Case @David Sugg @Val CsontosI appreciate your comments.David, to answer your question (I realize you weren't necessarily looking for answers but more for me to ask myself those questions, but incase others want the answers for their feedback).The current tenant will be moving out this fall (building their own home) so the improvements are for the next tenant, the idea was to complete the work while the current tenant is in place and completed before marketing for next tenant.Yes the addition (finishing lower level - 1 bed, 1 bath, living room) would add value if I were to sell, and more important to me increase rental income.No super sexy deal as an alternative to this optionIt would take me 6mo to replenish my war chest to the same levelWife doesn't have an opinion either way, she trust my decisionsThanks again.

Whether you decide to rent or to sell the property, the key is to make that income replenish and ultimately grow your IRA account over time.Tip#3: Consider tax advantages and disadvantages.

Psychologically, recognize that you are not raiding your 401K, but effectively investing it in terrific undervalued cash-flowing assets, and you will use the cash flow from those assets to replenish the 401K.

Depends on your ability to replenish your cash...and how much cash you will have left over after the purchase. 

And once all is done (if what is mentioned is possible) can I then cash out refi on the property to replenish my HELOC?

However, linens and towels and any appliances that need to replaced like a toaster is charged to the owner.If I am getting 12% to 15% of the gross income then I will generally charge the owner for all of the consumable unless it is a strategic property or owner that I feel very eager to land.In my experience covering the cost of the consumables is worth it as the items that are high consumption like TP and paper towels are not expensive if bought in bulk from CostCo or amazon (although supply chain is spotty during COVID as we all know)One thing I have noticed is that guests will buy kitchen items like soy sauce, tabasco, salt, pepper, olive oil, etc and leave them there so in a way the kitchen items are often "self-replenishing" but of course that is not 100%.