Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

If you'd ask this question while still employed I'd say apply the $8500 toward knocking down the debt quicker but since that is not the case I would build up your reserves to about 6 months then begin applying those funds to bring down the debt. 

I just acquired one from a PM where they were charging a tenant a resident benefit package and a building protection plan.  

After many years of listening to BP/Real Estate Podcasts, reading, and building up my finances, I believe there’s no better time than now to finally jump into the real estate world.

In Reno and metro areas, insurance companies primarily focus on roofs, the age of the building, wiring updates, and water pipes, as mentioned @Cameron Moore.

., deductions, 1031 exchanges), could potentially outweigh your current W-2 salary over time.Suggest a trial period for the first deal, involving him in decisions to build trust and confidence in the process.

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

Depreciate 75% of the building value (excluding land) over 27.5 years for significant tax savings.

Focus on building cash flow and equity while targeting value-add opportunities to transition into shopping centers and strip malls over time.Good luck!

While your condo snowball strategy builds equity, modest cash flow and HOA fees may limit returns.