Windows were all in great condition and it came with a new roof :) What made you interested in investing in this type of deal?

As an appraiser, the kitchen is typically the most valuable in terms of remodeling.

The property has a few broken windows with boards up over them, an interior door off the hinges, rot on the bottom of the cabinet under the kitchen sink from a leak some time ago, water seeping up from the concrete in a back room making the carpet damp if it rains a lot.

My question is, upon getting the property re-appraised after strategic renovations to increase the value of the home (Kitchen, Bathrooms, Flooring, etc) would I need to refinance to get the PMI removed or would it simply phase out as I should now have more than 20% equity in the property if everything goes according to plan.

This house is around 700 sq/ft with a sagging roof, 1 interior wall separating this area with the kitchen, minimal floor joists, hardly any electrical and no plumbing.

The amount of money invested in this property is actually a negative number due to the fact that I did the work myself on the kitchen fire.

Sale price will be a little below market value with a Home Style loan (4% down), rehabbing ($80K-$100K) mom's home into a place my family and I can live in (better schools, bigger yard, and other benefits) comfortably with a growing family.We plan to renovate the attic of our current home and make some cosmetic repairs ($60,000 HELOC) that take it from a 3 berooom 1+ half bath to a 6 bedroom 1+half bath with a separate 1 bedroom apartment that has a livingroom and kitchen (apartment is already renovated).We then plan to rent the Air BnB for 2 years and re-finance for equity and leverage to buy more rentals.

You should run it for a few hours, then open all the windows and air out the property.

I keep 6 months of expenses, plus the insurance deductible for everything (vehicles, rentals, personal property), plus the money for any major things I expect to replace in the next 5 years (e.g. roof, HVAC, windows)  are in the CAPEX fund just incase they die earlier than I expect their life to last.

Bay windows surround farm sink for view of backyard.