Both loans were interest only for the first 10 years; for the past year they have both included principal.There is no room to raise the rent again as it was just raised $100 in December.I can't currently refinance because of the condition it is in.The estimated $75,000 for rehab is based on making it top notch (granite counter tops, premium finishes, all new fixtures, etc) I should be able to get into general sellable condition (not fancy or updated but livable meaning new paint, refinished floors, new carpet, etc) for approximately $45,000Thanks,Paul~

I was also thinking about either redoing the kitchen countertops or the bathroom reason being because I start investing into MFH or multi unit buildings and I was hoping to take the equity out after I do all of this stuff so I can have the money to do it.

I upgraded all appliances, countertops, and new paint, and refinished the originally hard wood floors.

I plan to phone interview them and make my final decision in the coming weeks when we fly out to the house to meet with the top candidates#2  Figure out if I want to do light rehab - paint/carpet vs. medium rehab (old 1997 kitchen that needs new countertop, oven-range, and new sink)#3 Timing.  

I have a decent log of contractors that I've used for various projects (great electrician, plumber, floor guy, countertops, etc.) but with the scope of the work I was hoping to get a general contractor who has experience coordinating larger jobs.  

He also had been able to help me minimize costs by doing things like refinishing counter tops or painting a refrigerator and buying scratch and dent appliances.

We renovated the heck out of it-brand new carpet, new porcelain tile and laminate flooring downstairs, epoxied the garage floor, new countertops, sink, pull down faucet, glass backsplash, new paint entire house, all new baseboards, added crown molding, and artificial turf and hard scaping front and back yard.

What type of counter tops?

So far my experience with having an investment property has been great, but I know this always isn't the case.When we move I plan on getting my real estate license, but also have a passion for rehab and woodworking (counter tops, furniture) so may want to get into some flips.Maybe not the right place for questions, but I keep going back and forth whether we should continue to rent the property that my mother in law will be leaving and rent our current home, sell one or both and not have to worry about managing properties from across the country.

Details Location: Indianapolis 3 Bedroom / 1 Bathroom Completely rehabbed in 2013, list of renovations include: New decking, new roof, all new joists, insulation, drywall, all new plumbing, all new electrical, new exterior siding, new flooring in all rooms, new kitchen cabinets, new kitchen counter tops and sink, new shower/tub & surround, new vanity, new toilet, all new light fixtures, new tile flooring, new carpets, new doors, new paint in all rooms.