One is currently leased and the other is wrapping up with a few upgrades.

@Justin Phillips Buy cash, Paint,flooring easy upgrades rent.

My wife and I used them to sell our house in Orlando, I was probably like 2% over the current market value but we put in a lot of upgrades so pushing the sale out on a rent to own contract worked better for us. 

I believe that these upgrades would improve their chances of selling it.

Since then (approximately 7 weeks ago) we have spent approximately $3000 in repairs and upgrades and we estimate that we have another $1500 to go before we can rent it. 

., Did light cosmetic upgrades that make a big difference in retaining and attracting new tenants.

I would like to do more upgrades on the house, but I am not sure if I should get a hard money loan then refinance once I am complete with the renovations or wait out the "seasoning" period then take out a cash out refinance.

Now is the time to make sure that tenants know you will respond to real repair needs but you have a timeline for any planned upgrades and you determine that not them.

Unit interiors were reconfigured to the new bedroom count and upgraded with all-new flooring, recessed lighting in all rooms, and decor.

Took longer than expected but was able to refinance:4.875% (bought down about 1 point) $78,400Appraised at $107,00030yrTotal cash left in the deal from repairs/closing costs is about $9,000Rent is $1850/monthPITI $710Cashflow after expenses including 30% for CapEx, Maintenance & Vacancy = $206/monthNext steps: Trying to find a small credit union to do a low $ HELOC to pay for a boiler upgrade and trying to reduce insurance costs.