Say I have a first position performing note, what is a typical discount I should expect to give when selling?

It performs better as a short-term, but it also took more work, sat vacant longer, and we had to worry about it more.

We self-perform the construction work we like to do. 

I have never performed a lot-split, nor did the builder.

The tenant isn't "happy" about the construction but understands that it's my property to do as I wish.Has anyone had experience with performing construction on a property that a tenant resides in?

Understanding these factors will give you a sense of how well your investment could perform long-term.I hope these suggestions help, and good luck as you get into multi-family!

If you perform, you keep it after that period?

Then you see how it is actually performing. 

While renovations faced delays, and initial rental demand was slower than anticipated due to construction setbacks at the casino, the property is now performing well as a long-term rental.

And most people that I speak with, will actually take the property for what it is today and write it off and try to find something that is performing more optimally.