Should I leave as is and not spend money on upgrades other than paint and other cosmetics? 

complete upgrade of the house What was the outcome?

I plan to manage and upgrade the properties and rent-roll over time.I now have a trusted individual who wants to passively invest.

A home inspection report is beneficial in the fact that it will help:Identify building defectsOutdated code defectsBuilding materials Age of appliances This will help with any budgeting, as well as, what should be upgraded (old cast iron DWV system vs.

For example, if you can go in the basement, you can see whether any of the electrical has been upgraded or if it's still knob and tube.

The incentive might be an upgrade to the unit (new carpet, a new appliance, etc.) or cold hard cash available upon signing.Just be certain that your amendment includes language that gives you a way to ensure continued use of the new system.

I upgraded the back unit, (which we currently live in.

Made minor cosmetic repairs: new garage door opener, upgrade to furnace, replaced outdoor plumbing system Lessons learned?

I also walked with my appraiser as he did his report to make sure he knew all the upgrades I had made).For 5 units plus the appraiser will most likely use NOI*Cap rate to evaluate a fair market price.

That is where I am paralyzed, keep chunk in an play appreciation game or keep looking for something that I can upgrade more, refi out and keep building.