Rental prices are below what they should be, and as tenants rotate out, rent will be going up, after minor improvements are made in each unit. (10 month ROI for each unit's upgrades, at the higher rent tier)After rent is at the higher tier, profit each month will increase to roughly $1500/mo.I know forming an LLC will be in my best interest for this, but here's where I'm not finding anything useful online.My personal credit score is about a 590, and my fiancee's isn't much better.

We need to tear out the awful carpet, but are debating real hardwood versus a wood-looking LVT (luxury vinyl tile).

IF you calculate vacancy based on income, she is currently only collecting 61.5% of the potential...big opportunity for you to improve NOI but you should calculate offer based on current occupancy/NOI only.  

However, I want to but a multi unit property next, to start getting higher ratios and try to improve my portfolio.

The funding can in turn be used for a number of uses including acquisition, construction, enlargement, improvement or equipment.

@Ryan MullinI agree with @Charles Worth This is a great article.With the improvements and expansion of businesses into Fountain Square this should lead into the surrounding neighborhood communities, like Bates Hendricks, to improve as well.

If you find comparable properties with similar square footage, features, bedrooms/bathrooms that are renting for a price that you find acceptable as an investor, then the investment to improve your property might be worth it.

@Alex Agafonov@Jon HoldmanJon is right repairs or improvements done prior to the rental entering "service," is added to basis however interest and incidentals like property tax can be itemized on your personal schedule A.

The property taxes are significantly lower, so it improves your cash flow, without changing the factors of the deal.Good luck!

I've had some good tenets and bad ones but I'm always looking to improve my processes, my homes, and of course my pockets.   :-)I usually perform my own renovations and snake my own toilets if possible.