Example: if you need to add a fresh coat of paint and install new LVP flooring in a room, it would be wise to paint first and then do the flooring last, so you don’t get all that paint all over your new floors.

Also make sure to tell your insurance provider about any other damage that was caused as a result of the leak (flooring, baseboard, drywall, paint, etc).I've only filed 1 claim and it was on a roof, the cost to replace was around $10k.

I have always wanted to build a real estate portfolio and I am working to clean up the property a bit (paint and small bathroom rehab) - and hope to put a renter in the property starting in Jan. 2023 on the higher end of rents (2.5K - 3K) Property is paid off, estimated appraised value: 265KGiven the current market conditions, would it make sense for me to do a cash out refi to get into another property within the next 6 months?

You lose a furnace and AC and that's 10k gone, you have a bad turn and need to redo a bathroom, carpet, and paint, 10k gone.

You will likely give up $10's of thousands of dollars by doing so.Once it is vacant, make minor repairs to ensure everything is neat and functional, give it a fresh coat of interior paint, then polish everything including the windows!

Also, I know that $262-$362/mo. in net cash flow might not be a lot to many, especially west coast folks, but to help paint a picture of my current situation: My own monthly expenses are only $750/mo (PITI, utilities, phone/cable), so $262/mo. is almost 1/3 of my monthly living expenses.EDIT: I updated the numbers because I realized I was using old info.

Replace all the carpet with vinyl flooring, fresh coat of paint and find a tenant where the parents pay the rent.  

Killz all the walls prior to painting.

(Carpet, paint, furniture, decor, etc..)

If renovations are $40,000 (bathrooms, kitchens, roof, HVAC, water heater, paint, carpet/flooring can easily surpass 40K), your under water.Stephanie