We would like to upgrade the units and improve the overall property.

He seems to be an honest contractor in the area (per referrals), but does work mostly with retail renovations and flips so will try to reiterate that we don't want to over-upgrade. 

I can find no evidence of upgrades or improvements done in the time it has been owned. 

Ultimately, we decided to begin with a general partnership for the time being, likely upgrade to an LLC down the road.

Convert detached garage or build/prefab 1200 SQFT 3bed/2bath ADU & convert part of downstairs of main house into approx 500 sqft JADU.Make cosmetic upgrades to main house.

If you plan to keep it for a while, and if you put in the upgrades, and make that money back, your added equity will probably give you back a decent chunk you can put towards another deal.   

It ultimately depends on your lender to an extent, but things like upgrading to a larger home, moving more thn 50 miles for work, refinancing to conventional loan, etc.

SELL$216k loan balanceAppraisal before new roof/upgrades: $285kBroker CMA: ~$299k (under current market conditions, wouldn't be able to list for a couple of months)Equity: $65k  ($299k - $216k - $18k) Thinking out loud: I hate my neighborhood and I'd love to be gone.

Real Page is a big player in the apartment management market, but also owns SFR & small apartment software Propertyware.You may want to ask your Buildium rep what upgrades are planned for 2021, because we've heard from our PW rep they have major plans for improving Buildium.

Look at legit comps not the stuff next to the main hospital where the whole neighborhood has been upgraded.