So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us and we will be getting funds from this refinance for renovation work.

if that is the case, do you believe that the saved cash flow after the renovation and normal expenses/emergency funds, etc. would be enough to gain a down payment on the next property within 1-2 years?

Do you want to take on the large project of a flip and sell, and walk away with a lump sum of capital, or do you want to buy and hold -- putting in the needed renovations to make it renter friendly and then getting a tenant into the property to pay off the asset?

I want to learn the systems that go into these types of projects.  

The welder needs builders insurance and should add you and the homeowner to his policy until project complete.

Now that this property is renovated and rented, will you continue to purchase additional properties? 

I have made some upgrades since living here, fully renovated the bathroom and laundry room, upgraded appliances, added a tankless hot water heater, and replaced all galv. pipe with pex.

Hello BiggerPockets Community,I'm embarking on an exciting journey to acquire and renovate a duplex from 1900, aiming to tackle the inherent challenges of outdated insulation and the lack of modern vapor and air barriers.

We're interested in small B/C class multifamily properties (2-4 units) in the $200-$325k price range that has potential to reach 10% COC, with special interest in exploring hidden value opportunities via renovations/upgrades.

So you are out of pocket $30k + another $30k for renovations.