Not to mention, you will improve your property, which will increase its value. 

Now that the property is improved it’s worth 400k and you sell it for such profiting at least 200k.

We improved some bad electrical work (a two-pronged system that wasn't grounded) and did some light cosmetic paint as well as added safety features in a few areas.

I made minor improvements (5k) to get it rented within 30 days of closing (East Providence) and it cash flows for about $700/mo.I couldn't do the full BRRR at the time because I used all my funds for the 20% down and wasn't comfortable at the time to do hard money lending.I'd like to invest in multi family's in RI but now wondering the best next steps. 

I've found that I'm usually pursuing a rate and term refi at about year two after I've made improvements etc. and between appreciation and mortgage paydown I'm at the better LTV anyway. 

Can he file a quit claim deed to add me to his title and then I apply for a HELOC on the PA property so we can make improvements and buy an investment property?

✔️Purchase Price: $1.36MM✔️All capex will be included in a bridge loan✔️Will refinance into FreddieHere’s our plan:✅ Pave the parking lot✅ Build 3 additional units to utilize unused space✅ Perform light interior upgrades and bring rents up to market✅ Implement a flat fee for utilities ✅ Improve outside landscaping✅ Engage a professional property management company team to improve inefficiencies “The path to success is to take massive, determined action.” - Tony Robbins 🔥

I think we could save on some of the learning aspects of fixing up a kitchen to improve the rents and see if that’s something we would be interested in doing ourselves or just hiring a contractor.

Wait, improve your credit, and then buy with a conventional mortgage.

For me, I need to write off each year and it improves the properties for more appreciation. i also will not need to worry about tenants doing their own "electrical work"