There is the added benefit of urgency.

I have a great contractor and have explored adding a bath for 45k and/or add a bedroom (removing the large dining room).

Does it fall under the same rules as large buildings where owner/occupant buyers won’t be able to get a loan because half or more of the units are rentals?

@PJ McLaughlinWell I know the BASICS of what HUD is responsible for - Large reason I trusted the section 8 applicant - It was created by BIGGERPOCKETS plus member, maybe he wasn’t fully educated

Most of our BRRRRs have been just above median price, that allows for a large enough rehab budget and some soild equity gains.

Reason I ask is most do not realize the interest income is taxed at ordinary income rates, so if you are in a higher tax bracket, that 8% you are getting ends up being in the mid 5's, which is basically the equivalent of a CD right now but just a lot more added risk.

Yes indeed mate.I probably would have fixed the rate also but "underwritten" the deal from a worst case rate scenario like I would do with SFH if financing.I'm not versed in large multifamily deals and would love to learn more.I think I could really do some "damage" in the field because I own and run a property management company and we run a tight ship that's very well optimized from an automation aspect and affiliate fee structure standpoint.So my bottom line for example buying a 50 or 100 unit would be much safer/higher due to in-house PM and "working" the margin.

Similar to Brenna here, but it does largely depend. 

For example, adding a bathroom could cost $60,000 but only increase the home's value $20,000 (30% value).Adding a driveway is more likely to cost twice as much as the increase in value. 

Silly question: how the heck does a person gather the 20% down payment on a large purchase like an apartment?