(I'm thinking general cosmetic updates + possibly adding an addition to increase the bedrooms/baths from a 2/1 to a 3/2 or 4/2).

We inherited two vacant units, one that was down to the studs and one that needed cosmetic updates.

I respectfully disagree with Christie as DSCR loans are closed in 30-45 days routinely if you select the right broker and they select the right lender for your deal.

This was after already putting in roughly 12k into minor rehab to take care of some TLC and mostly cosmetic items like replacing the flooring, interior paint, blinds, etc..Should we continue down this path of waiting for the tenant to bring up the issue and throw in some more money eventually turning it into a money pit and taking a loss on this property since we are bound to a 1 year lease?

My second option would be a single family that needs some cosmetic work so I can create forced appreciation. 

If I can find something that just needs basic cosmetic work. 

Then, to earn 50% to 100% on your money in one year you only need to find a property that is either priced $50,000 under market value and/or you need to find a property where it is both a little priced under market value and where you can do some minor cosmetic work, increase the rents and increase the value of the property by rehabbing and increasing the rents.

if no then I would not touch this property as one of your first flips. choose a cosmetic flip instead. 

Property needs new roof, new siding, rewiring of electrical and cosmetic interior rehabQuestions1.

I'm expecting I'll do cosmetic rehab over time to push rents up closer to market.