Also- I just turned it on and nothing has changed in my rates.

If the contractor-partner is handling all reno and construction part of the property, only his crew get paid the usual hourly/daily rate and we split the material cost? 

You may end up paying a higher interest rate on a higher payment. 

Always check your state laws and lease for scenarios: if unit becomes uninhabitable.Option 1: Renter's should have rental insurance which would cover this.Option 2: Have them pay the contracted amount and provide a receipt for hotel, however I would also review local per diem rates and provide guidance on their budget.Hoping for a smooth project for you.

After running this model, my monthly positive cash-flow actually decreases from 5300 / month to 4125 / month primarily because I've added the debt on the existing houses. 

He said a realtor has advised him to sell it for $500k so he wants exactly that as well as $80k down at a 6% interest rate.

Then when I sold in 2022, it was before rates really took a jump. 

There may be other options at lower rates this year if it helps at all! 

But multi families should be valued by being pegged to a cap rate for an area or the country etc that investors expect. 

Depending on what their FMR rate for your area is v. what you'd like to raise her rent to, that could be significant.