Combine the basement with the 1st floor unit and remove the kitchen. 

We will be doing paint and floors as well as a few very minor repairs

This gave us a clear idea of all the details we needed to know in terms of paint color, floor, and other key fixes such as windows, doors, and cabinets.

The condo includes high-quality granite countertops, custom cabinetry and wood floors.

I'd really appreciate your inputs.Some relevant info that may help- I'm expecting a size able bonus next yr from my stock vests (~$500k)- the house needs flooring to be replace since the previous owners put cheap laminate stickers that are coming off and counter tops and cabinet repaints. - homes are not renting quickly in my areas and even if they rent its below $2k. - there is a airbnb in my street which seem to have good occupancy Thanks in advance for all your suggestions.

Purchase price: $40,000 Cash invested: $16,000 Conveniently out of the flood plains, this welcoming 3-bedroom home is features a huge master bedroom, refinished hardwood floors, spacious living and dining rooms, and a stunning kitchen!

Found out later during inspections that termites got through the floor joists and now they all need to be replaced.

I don't aggressively increase rents if a tenant's current rent is within the turn cost / 12.For example, if you need to replace flooring, paint, and fix up a few things... your turn cost might be $5-7k

Size, type, floors, etc?

I plan on updating my unit this year as well and wonder if my labor to update the floors and outdoor space will count towards "material participation".