There’s no one answer, a lot depends on the investors personal financial position, tolerance for risk, goals, etc.  

Capacity and Tolerance. 1) Capacity: how many people can you comfortably fit in the property, is there room to add more, or add more value to the tenants to increase rent.2) Tolerance: How many people are you comfortable living with, if there are vacancies are you able to handle that.House hacking is an amazing path to homeownership, and a nice low barrier to entry into self managing your properties.

If not, you will want to be sure to define your own deal preferences and risk tolerance.

For the person that can tolerate the variability of returns, the IUL is probably the better choice with the best long-term prospects for growth.

Hey David, the best metrics depend on your investment goals, risk tolerance, and market conditions.

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

You could also explore more passive routes.At the end of the day, the best move is the one that fits your goals, financial situation, and risk tolerance.

The game as a LP is to find a good risk-adjusted opportunity that fits with your tolerance and matches the suitability for your portfolio. 

The 'surrounds' have maintained normal tenant processes for the most part.I know lots of folks are pushing you for a PM, but if you are eager to learn and do some research and put alot of energy into placing a great tenant with background checks and vetting their references, etc, managing your own properties can be a great way to learn. but if you have a low pain tolerance and are limited on time, Id go PM route

.: We all have different financial situations, lifestyles, risk tolerances, time horizons, etc so I don't think there's one right answer for everyone.