My firm has a fix to rent product that discounts the interest on the fix portion, and discounts origination on the DSCR portion. 

I guarantee Musk cares more about his money, property, kids, and bathroom floor than the hired help, but that doesn't mean he is better suited for the job or that he has the time, skills, and energy to handle it.Maybe you're part of the small percentage that can do a better job.

Then we see if the current tenant later decides to extend or we list the limited open period, often at a slightly discounted rate. 

If you purchase at a discount, then you'll be capped by your purchase price, not necessarily the as-is value of the property.

Upgraded kitchens, bathrooms, and other items that hadn't been touched for years What was the outcome?

the kitchen,fridge and bathrooms are disgusting and it is damaging the properties.

the place came w/ a fully liveable basement, including kitchen, shower bathroom the rooms have windows.  

Helocs are driven by the Prime Rate which is 3% above the Fed Discount Rate.

So like if I replace the windows, or renovate a bathroom I write that off but if I buy new blinds for my half I do not write it off.

This does not discount the fact that these notes have gone bad and then turned into equity..