For smaller jobs, half makes sense.

Half of sponsors are now getting crushed when the going is getting tough, and those previous track records don't really mean much, compared to the things I list above.  

Your refacing number is quite high and you should be able to get new cabinets and countertops for half of that price if not less than half. :)Are you making your place a long term rental or short term?

The first phase or about half the lots will be short term gains with the possibility that the second phase may qualify as long term gains.

Finally, he leased the property (actually about half the property) to a tile distributor.  

I recommend hiring either a PM or even a listing agent who you pay a half a month to a month of rent to get the unit rented.Just so you are aware, these tenants are your customers hence if you make the application process challenging and tedious at the very forefront of the process, most people don't got time for that.

((Basically a "Loft" layout, but enclosing half the upstairs -to be a more private upstairs bedroom with it's own toilet & sink))....

I mainly handle the entirety of our leasing/marketing departments so since I'm able to cut the time I spend on showings in half, I'm finding a lot more time to reach out to new leads and form genuine connections with prospectives which really pays off when it's time to sign a lease! 

So like if I replace the windows, or renovate a bathroom I write that off but if I buy new blinds for my half I do not write it off.

I spend half the year in Indonesia where me and my wife rent a home.