Quote from @Robyn Henderson: My family's 3 unit prewar building in Brooklyn recently had plumbing issues and I'm debating renovating each of the bathrooms.

Also if a unit is renovated then the rent can be increased by a considerable amount. 

How much does the $500k renovation add to your property value?

Hey Tanner, Some analysis I'd recommend:-Market Rents-How much renovation is needed to command top $ rents-Is the home located in an appreciating neighborhoodHousehacking is simple!

On the other hand, a detailed quote with a higher total may offer more transparency and reduce the risk of surprises as the project progresses.I specialize in consulting services for situations like this, where I help clients evaluate contractor quotes, ensure transparency, and navigate the renovation process with confidence.

In 2022, we also bought a gutted 56-unit apartment complex and fully renovated it in 14 months (over $2.25mm in construction)!

@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Renovation loan.  

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

I can go way deeper into finding good MTR markets, pursing tenants other than travel nurses, property types, scaling operations through systems (my specialty), renovations, etc but it's much harder to do in a thread.