Live there for a year or 2 making some intelligent upgrades and bank that cash flow, then refinance and do it again. 

I recently asked my agent to upgrade my insurance to cover this use model. 

(You’ll need to upgrade to a Pro or Plus account to post it there though.)

I have a friend that does very well at this in the area.2, Upgrade to fourplexes.

Some information on the property:- About 1000sq/ft, 2bed, 1.5 bath, attached 2 car garage- Owner is going to want to sell quickly- I know the owner owes roughly $66,000- Similar homes close by have recently sold between $120,000 - $180,000 - My thought is this house would be worth around $160,000 with roughly $20,000 - $30,000 worth of upgrades. - Home is in a sought out neighborhood With this information, what is the most I should offer for the home?

I paid 4.5k to upgrade meter from 80 to 150 amp and upgrade service panel so I could get central air and heat.

Nice units tend to be rented faster than crappy units, so if your property tends to sit vacant for a period of time in between tenants then it may be worth upgrading.

I went on the market on Friday with a home priced just below market because I did not update the appliances (dishwasher, washer and dryer could have been upgraded).

As for the unit I'm staying in, I am making upgrades as I go.

Unfortunately, not all upgrades translate into higher rents or prices.