@Dave Spooner I came to that time frame for a couple of reasons:1) It's a few months after the two-year requirement for exempting up to $250k in gains, so there's no pressure to rush the exit2) The upgrades I have planned can be done in stages, so it smoothes out the capital spend3) There's (in my opinion) going to be a lot of wreckage from COVID-19, none of which we can predict right now, so to me FY 2021 has a better-than-even chance of being a recovery year for the type of first-time buyer that this property would be attractive toUltimately, Q1 '22 takes us past the majority of the major uncertainty, and isn't much past the two-year mark that's required to get the exemptions.

Is it a cash flow buy or a future bigger cash flow and upgrade buy? 

Don’t assume that due to COVID-19 people won’t want to pay a premium for an upgraded unit.

He upgraded the breaker from a 20amp to a 30amp to be sure.

I know this loan product is great for distressed or fixer upper homes, but what if I was looking at a home to purchase that was more turnkey and needed very minimal to renovate or upgrade?

Also, you can upgrade the stove after a few years if the tenants renew (an enticement).

You can upgrade as you have money.If you're finding your clients the right deals, they won't care about the car you drive.Impress them with your work ethic, your drive, your enthusiasm....and don't care about the car they drive.I know plenty of millionaires that drive beat up cars.   

Purchase a duplex with a 3.5% FHA loan  Put a portion of my monthly savings each month to upgrading/modernizing my half of the duplex while renting the other half then move into the other half after a year or so and repeat. 

I like the upgraded features and even color choises. 

I'm my case, the small 10 x 12 adu would have needed drilled piers for footings, and need shear and roof upgrades, and even if I did all that, it wouldn't pass the title 24 energy requirements.