We are actually just beginning the start of the Reno so I will keep you updated how it goes. 

I've seen a lot of people list it and then make the updates trying to avoid capitalization.

He said this happened after he signed a new lease so he didn't update it.

Update: I do have money in the deal from myself and other investors and they wanted protection, so I decided to go on title.

Just an update and a few questions.First, thanks for replying to this thread.  

I got one last year with Pennfed, no closing costs and no appraisal since they do a desk appraisal and if it's sufficient they wont do a regular one. 

The 200k-325k range depends how much I want to update. 200k is if I reconnect the duplex and make it a legal SFH.

The bank offered me a regular LOC on the property because of the extra equity I have in it.

I would look for properties that have already been updated and are ready to go day one.

Unfortunately, the assessed values of property from 2017 to 2018 increased dramatically and now landlords are demanding a higher price for their property - (whether they actually know what it’s worth or not) - that hasn’t probably been updated since the turn of the century.