These easy cosmetic value adds get your rents/cashflow up and create some equity while also attracting the best tenants. 

Depends on the market of course.

If you own the house together, the only options are for one party to buy out the other or sell the house.

The loan officer told me to come in the day after settlement to apply.

In this case the current financials on the property aren't great(rents well below market value and the owners family living in several of the suites) so the lenders will likely not provide the funding based on poor NOI.  

I have dozens of clients doing this in New Jersey most of which come from no construction background, they simply use preferred vendors we have in place (not GC's) which lowers renovations cost because there is no middle man. 

Of course, some of the potential tenants want flexible terms at start to get themselves set up in the space. 

Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen.

Interesting: I just checked the page you provided.  

@Chris RagerFor multi-member LLCs (and depending on the size of the project), you may want to work with a specialist for the operating agreement.