. - Value add - When building additional units, what steps should be taken to determine how many can be built? 

It will all depend on what your goals are.Ask them questions that will help you determine whether they have the value/knowledge that you'll need to get closer to your goals.

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.

My idea to achieve this is to convert the studio into a short-term rental.I’m trying to determine if I’m forcing this deal to work by relying on the short-term rental strategy or if it’s a reasonable approach given the numbers.

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

Fear and greed determine such markets.

I specialize in teaching the strategy so that you'll have a comprehensive understanding of it and can determine whether it's good for you or not. 

Start by talking to a lender to determine how much you can afford (and that you can qualify for a loan). 

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

The value of the property and how it’s distributed relative to ownership stakes will determine whether it counts as a taxable event, I believe(I’m not a CPA or attorney).