In fact, they told me, they expect the property to rent within days of being finished and listed.As part of my due diligence, I put the property into rentrange.com and it gave me $1254/mo rent with 85% confidence, but, to be fair, rentrange didn't take into account upgrades that are happening on the house.

BP has ones you can use for 5 times unless you upgrade to pro then unlimited use or down load a  spreadsheet in the files section.

Found a house I want to live in for 2 to 3 years while I upgrade it before selling or renting out.

Margaret,I'm not a lawyer so I can't comment on the legality of procuring a primary loan and using it as an investment property, but I can tell you my family and I did something very similar to good effect.We have owned my current home for five years and needed an upgrade in size.

Usually there will be some repairs needed or upgrades that you can do as well that will help you stay on the good terms of the renters.  

If the rent roll is below market as it usually is, what the expected rent roll would be and if upgrades are needed then how much to get the increase in rent.

For instance, if you know the roof has 2 to 3 years left or the windows of a 1950s house have never been upgraded, you might want to do that.

After I purchase and complete these upgrades i don’t know if I should sell or hold this property as a rental.

Hers does have upgraded countertops and cabinets in kitchen, Floating floor throughout.

So if you can raise rent 300/mo and want to recoup your investment in 2 years, dont spend more than 7200 on the upgrades.