No need to go around offering upgrades IF the existing unit and its fixtures/structures/etc are in good shape.The only way I'd say differently is if there are updates you've been wanting to do ANYWAY, but just haven't done because the unit is occupied; likewise long-term upkeep strategies.

Take photos and make notes on things you want to fix / upgrade / change.

We invest in our assets and usually do a complete upgrade before we put units in service.

Gut rehab of kitchen and bath, upgraded electrical, plumbing, steam boilers, and water heaters.

We are now looking to upgrade.

Although I am budget-conscious, I understand that a profit needs to be made, and I want to create a win-win for all parties involved (I'm not one of those investors who nickel and dimes everything). 

@Joseph Franklyn McElroyHave you run the numbers on upgrading for value add and raising nightly rates?

Renovating the house- Upgrading kitchen(s), upgrade half bath to full in top duplex making the whole building a 6br 3ba, upgrade appliances, improve landscaping- run electrical to the garage and rent that out as a premium

There are some habitability/improvement upgrades you could potentially take on that would allow you to remove the tenant without cause, but there's still a lot of grey area around that since the law is new. 3.

I buy properties below market, in an area I know is about to appreciate (due to my connections in the communities where I buy), and in addition, I know I can add value (property needs major renovation/upgrade/ etc).If all three exists, the $2.5M project will be worth $4.5M and can be refinanced to get $1M cash out in 18-24 months while keeping 25% equity (about $1M).When I say a development project, I don't mean new construction or land development.