Great rental potential as well, as average rents for the area are going in the 1600-1900 range.I mostly wanted to know if it was a good idea to put in the renovations to bring the house up to a higher level as the market for the neighborhood can hold it and houses are selling there quite quickly.

That is because I know the market  value, I know what other investors would pay, I know what it would take to renovate and I know what it will rent for.

Howehere’s no reason I can’t rent this house out (if renting is profitable) and refi and pull out money once I renovate to get into that multi unit in  a year. 

Is this a single unit in a co-op or condo, or in a larger rental building?

I would like to get a mortgage or some form of a loan for this house in order to "get back" the cash I paid upfront and use it for the renovations (it will most likely be a flip). 

The property is owned by an LLC, I always sign my emails as "Property Manager," and I often remind residents that I have to run larger decisions by my boss.

Not small renovations. 

I had failed to disclose that I have done it all in majority of my renovations.

@Brandon KnudtsonIt's a lot easier to implement creative out-of-the-box strategies in a larger complex than in 2-4 unit residential.

I am focusing on buying properties that have the right numbers, meaning good purchase price, I have to understand my renovation costs, my holding cost and what I can rent or sell it at the end.