Nicole Benischek ,Last winter my parents purchased a buy and hold that needed some pretty major interior updates, complete kitchen and bath upgrades (4 of each).

There are quite a few hotel conversions that have been upgraded and run as condotels.  

My annual premium got trippled if I upgrade my policy from personal to commercial (at 100/300/100 coverage) and add my broker as an AI on my policy.

How much do the units rent for now, and how much will they rent for after upgrading?

He's actually a horrible tenant and goes to the City for things to be fixed and upgraded, at the expense of his landlord, on a regular basis.

My properties in rent control I just do minimal upgrades to and let them sit while my non-rent controlled properties I constantly fix up and try to improve constantly.  

How do you Pay for the Repairs / Upgrades to the Property that you are trying to get a Portfolio Loan on ?

It is a great place to start, but should not be the sole tool used to set your rent rate because it neglects interior upgrades, size of the lot, etc.

Instead I decided to 1031 exchange it and upgrade to a better property.

NikkiAn inspection usually just covers if the item is functioning properly, not if all the permits have been pulled and passed by the city (although I think you may be able to request such an "upgraded" inspection, check with the company you have hired).