I have 5 years of home improvement construction experience, so determining whether to write an address down came naturally to me.

My question is this: should I try and get a tenant in my rental as fast as possible or spend the upfront money to improve the home so as to have it appraise more?

I may have to wait until I close this deal to do it, however, I am genuinely working toward improving my credit so I can just buy when needed.Hard money is an option and then just hold it until the time is up but that gets very pricey very fast for each monthly payment until paid back.I have also been looking into the promissory note idea.

Will you put up with roommates until your income improves in a few years?

I've looked at adding value by ways of major/minor improvements, but if you get into having to get a GC to add sqft that can turn into a nightmare.

If you can plan your rehab to convert some of the improvements into repair, then property that needs rehab can give better deductions.Also, you could potentially get to deduct the personal property such as appliance if you buy them for the rehab.

The business plan is to basically BRRRR these properties, purchasing at a discount due to the properties are underperforming, we are obtaining a construction loan from a lender, improve NOI and refinance a 1-2 years down the road and then hold long term. 

I over improved because it was my personal residence, but also got well above market rents because of that.

Details:Goal is to Owner Occupy Location: Type A *very close to great schools, downtown walkable locationHouse: 4 Plex 8 beds and 4 bathsSq Ft: 3,548Price: $425,000Mortgage: 20% down 30 year conventional Current Rents: 790, 985, 945, 910 per-month  *These seem low for this area and for the condition of the unitsOccupancy: 1 will be open for new owner to occupyInsurance: $180 per-monthProperty Tax: $415 per-monthAnnual Maintenance: $800Water, sewer, garbage, electric: all paid for by current tenants Cap Ex: $280 per-monthVacancy: $280 per-monthProperty Mgmt: $345 per-monthThe property has had many Cap X improvements over the past 6 years including, new roof, windows, refinished hard wood floors, paint, foundation work, plumbing, electric... 

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