And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right?

I see investors selling for $100k-$125k above purchase with full kitchen, baths, flooring, paint, etc rehabs.

Or it might just be a fancy piece of equipment that never gets used that you could have rented the 3 times a year you need it.

I gutted it and added new drywall, new light fixtures, new bathrooms, new paint, new kitchen, new furniture and new flooring and new windows.

Equipment, real estate, intellectual property, etc.

The property is being modernized with brand new floros, kitchens and bathroom, windows are being added.

I assume you are probably losing a few of those bedrooms for living rooms, kitchens,  hallways, stairways etc. if converted from 2 to 3 units.  

Not adding any additional living space, just dividing the two units, putting a kitchen in one of them, and probably not having to add a bathroom to either unit.  

Add to the kitchen!

New HVAC, plumbing, electrical, floors, kitchen, baths & added a deck.