@Daniel DeBruin, this is really all market dependent and how much you want to spend versus how much it will impact both the rent you can achieve as well as the quality of tenants it attracts.When it comes to design, it is all a bit personal opinion, but I will say: contiguous flooring always trumps mismatched, hodge podge flooring.  

They're unlikely to do that unless you can prove financial viability on your own. 

This might turn out to be a good approach.   

Do you have 1 mill or more to make maybe 3% net?

I am new to posting but have been listening to the podcast for years now.

This makes houses an excellent hedge against inflation because houses generally hold their value over time, can cash flow, and often provide tax advantages.

How did you find this deal and how did you negotiate it?

Love that you are coming to the market to interface here, nothing can substitute it in my mind.  

The Regulations clearly state how to treat a property that meets various definitions. 

Quote from @Sonja Revells: @Chris Seveney primarily Padsplits  I would speak to a few lenders first before going through all these hoops, as I started to do this then when talking to banks they were basically telling me either get a secured mortgage as they will not lend to a real estate company on unsecured credit/debt.