For example, is it an extra bedroom or bathroom? 

https://www.biggerpockets.com/..Personally I'd also suggest looking for a single family home that is essentially duplexed (even if not formally). 

Essentially it would work something like this…1) My LLC purchases the property 2) He will only charge me COST on the labor and materials (no profit or markups) which will save me around 30% on regular contract figure he gives me in my market which is very expensive 3) He will also make 300k of his own liquidity available to inject into the deal (I will put some of my own cash in and get a HML loan for the rest).

Essentially, I have about $300,000 of borrowed money to turbo charge my portfolio, but I must admit, I am nervous as heck.

Kitchen renovation (cabinets, countertops, appliances) bathroom renovation, and flooring are usually the cosmetic things that I find add the most cost, you should be able to determine if at least any if these areas need to be updated and go from there. 

Looks like a converted basement without a real bedroom (has small kitchen, bathroom, and large open room).

With one of the units being empty, we were able to update the kitchen, bathroom and apply a better paint scheme.By doing this we were able to secure a tenant @ $700 a month and now we are renting each unit @ $750.

.- Paint kitchen and bathroom cabinets.

Purchase price: $425,000 Cash invested: $100,000 This is a 6 bedroom, 5 bathroom, 10 acre farm with a barn, pool, hot tub, 1 acre stocked pond, and utility building.

Purchase price: $425,000 Cash invested: $100,000 This is a 6 bedroom, 5 bathroom, 10 acre farm with a barn, pool, hot tub, 1 acre stocked pond, and utility building.