If it’s a lower-income rental market, high-end renovations may not justify premium rent.

I have renovated 12 houses in my life and just finished renovating a 1939 bungalow in the Oakland Hills and building an ADU on the same property out of the garage.Anyone who answers the presented question with solely a "yes" or a "no" without first referencing their local city's or jurisdiction's building code would be guessing.

I understand that not every project will be a success, and I am okay with that.However, when it comes to financial wins, which option do you think offers a better financial outcome?

I work with a contractor that I will use for any renovations that are needed who is husband to the realtor that will be doing all my showings.

Separately, if I experienced flooding in the past and did major plumbing renovation work to resolve the issue, do I still need to disclose these resolved issues? 

All good reading and listening, education is best and if you want to learn you have to ingest as much information as possible.I read many books that helped me, but my go-to is listeining to at least 2hrs of podcast with real examples per day.One very important things that "want-to-be" fails is to understand that real estate has many different specialities, so you have to focus your time in your real project.

and do you have to put additional money into the project? 

That would be the best move for you to find good contractors and reliable ones for your projects.

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

That is 80% of the purchase price and repairs or renovations that you can show receipts and proof right away without having to wait 6 months.