I used a FHA loan to get in to a HUD home, lived in it and completed the renovation, leveraged huge equity  to finish a second renovation that was technically a new construction loan, sold the rehab, got a partial lien release combined with a re-finance from the FHA loan, pulled $30k in HELOC, bought another rental, moved, and then rented the original SFR...then on and on...lots of moving parts.It's a lot like feeling your way through a maze where you are at right now, but don't be intimidated.

-what are market rents in your examplesIf you want my simple answer, I will take more units, with the idea that I have more economies of scale on expenses and more leverage on renovations and raising rents.

Building homes is a very different business, not only from buy and hold but from renovating to flip or hold. 

I haven't tried one yet, but I'm looking into it for a studio I'm renovating.

If you decide to sell with a repairing/rehab a total renovation might work out the best for you in the long run, especially depending on it's age. 

I am planning to renovate my current rental to be sold.

Now that I've cleared up the violations, I'm wondering if I should cash in and pay off the renovation debt and buy another place.My architect is recommending me to convert it back to a single family home which will increase the property value significantly (due to comps... there are no rental comps in the area, just sfh comps). 

We bought the home for 120k, but we decided to finance the renovations (40k) into the loan, so our mortgage will be for 160k.

I have development projects in these areas and always looking for moreCurrently in the Sharswood/Brewerytown area I have 3 triplexes full renovation, 3 duplexes new construction and in Germantown I have two large multifamily projects in the works

The renovation would cost $25k.