The less tangible aspect of the cosmetic changes, but in my view, most important, is how it will likely affect the change in tenancy.

But by strategically using leverage, your $55k could get you $220k worth of real estate (at 75% LTV).If your $220k property appreciates at a very reasonable 8% annually, your get to $1M in under 20 years. 

I say could because you still need to research the other aspects of the neighborhood and future potential.  

Think rust belt to sun belt (a super cycle), think east/west coast high company costs looking to relocate to Dallas to reduce employee costs and be close to key strategic transportation routes (DFW, interstates) linking coast to coast in a few hours.The long term trend of more renters has a lot of legs left (millennials, boomers), cost of a house is going up as well as higher rates so that will continue to keep people renting as well.  

Great way to meet people from all aspects of the real estate market.

Obviously without doing a deal, and actually collecting rent i have yet to fully understand any of the practical aspects of it.  

I like that aspect because they have more ownership to make it work for the both of us.  

I found this community to be a great platform for me to learn new aspects of real estate and investing.  

Reduce scope/size of the project, in particular as it relates to framing and other aspects of the build that rely on lumber.2.

I want to stay in the short term rental business so my intent is to use the gains to buy 2 single family homes in a cheaper home in the outskirts of the city on a strategic location.