I appreciate the straight forwardness and will write down these tips so I can be better.

I would also prepare to sell it on the used marketplace but if you absolutely don’t want to go that route then I would recommend getting it included in the purchase upfront (but still use it as a bargaining chip first).3) marketing: the best target audience is going to be a savvy house-hacker for a property this style.  

Dumb question When you write adds for your apartments,do you include the balconies in your square footage?

Do it all in writing with notices and make sure to document it with photos or have a manager handle it. 

As I've mentioned in the past, I write for the "lurkers".

Would I pay cash or borrow and write off.

Also, there are more things to consider than max ROI.Most people start by picking a particular type/style of property that they like for some reason (usually a gut decision).

In retrospect I would have spelled out the construction process more clearly in writing ahead of time.In your case the existing tenant is getting no new value so there is nothing for them to gain with this project.

So make sure your uses of the refinance money conform to business  purposew if you want to write off the interest.This method is commonly used in a 1031 consolidation exchange. 

Understand renovation and how to write a scope of work4.