Of the two options, renovation will net you significantly more equity in a short time period.

He'll be able to help out with reviewing forms, as well as with my long-term rentals, if I ever need it. 

But am personally breaking off shortly.

We just converted our first income property from an Airbnb to a long term furnished rental.

Either can work in the long-term, but if I had to do it over again at 23, I would suggest a 2-4 unit that demonstrates the ability to cash flow assuming all units are rented.

I didn't phase that correctly and should have put an emphasis on "Traditional Sale".I am willing to sell but want to do it "creatively" - if you will - to generate funds and positive cash flow from the note I would hold against the property.

to summarize: there is no cash flow anywhere right now on a vanilla long term rental. 

Investment Info:Large multi-family (5+ units) buy & hold investment.

I would probably try to speak with them face-to-face or on the phone and finish the conversation by telling them you will send them a formal letter shortly with the exact date after you talk with your contractor/partner, etc. 

Investment Info:Single-family residence buy & hold investment.