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Be very conscious about where the money goes.

That's a great deal for anyone looking to do some upgrades!

I would like to negotiate them down especially since there are some upgrades needed.

My homes have appreciated hundreds of thousands in a few years in SD (I've 1031 upgraded my personal residence a few times) but at no point could I have ever rented it out and made money unless I had put down massive down payment.

I can get this yard cleaned up, graded for adequate drainage (don't bother with french drains), have pavers laid, a fireplace, mulch with plants etc for 4 figures easily and it looks a hell of a lot better than the bare minimum. 

So we plan to refinance the house to make up-grades, and get another renter in through the Property Manager in Alabama.

Plus I think it adds more value having an upgraded HVAC system vs a boiler.

The remaining 10% in upgrades can happen in the next 30 months?

Paid in cash, and several upgrades have been made since, so i have a good amount of equity to work with, around 100k, the first property having been bought at 85.