Dumb question When you write adds for your apartments,do you include the balconies in your square footage?

I appreciate the straight forwardness and will write down these tips so I can be better.

Do it all in writing with notices and make sure to document it with photos or have a manager handle it. 

In retrospect I would have spelled out the construction process more clearly in writing ahead of time.In your case the existing tenant is getting no new value so there is nothing for them to gain with this project.

So make sure your uses of the refinance money conform to business  purposew if you want to write off the interest.This method is commonly used in a 1031 consolidation exchange. 

Understand renovation and how to write a scope of work4.

Would I pay cash or borrow and write off.

In many cases the mortgage company writes off the loss or goes after borrower depending on if they have other assets - if they do then they are gonna be coming after the owner

Am I required to hire an attorney to write up the contract and assist with the closing?

However, if you can flip it and make a solid profit higher than what you would get out of a cash out refi and/or rents won't cash flow, then flipping makes good sense (unless you need a tax write off but since this is your first investment, that probably isn't the case).