He's probably not going to have an opinion on cosmetic updates, but a complete inspection should help you prioritize repairs

Some people seem to be referring more to cosmetic things like paint, flooring and windows, while others mean tearing everything down to the studs and replacing all the electrical and plumbing...basically replacing everything but the foundation and the framing.When you say "gut reno" what do you think they mean?

I’m sitting on the couch recovering from knee surgery.  

My sweet spot is neighborhoods between B- and C-, small multi-family properties that are somewhat distressed and in need of cosmetic rehab.

My houses that I did cosmetic repairs on have been solid but I did not get my money out of these deals when done.

Personally, I would look to move out and buy a property that needs some cosmetic updating and rent yours out.

Interior designer for a light rehab, mostly cosmetic updating+ photographer 3.

Both of the lenders are correct Fannie Mae will not lend to "subject to" appraisals, which means if they house needs more than cosmetic work then that is out the door for a conventional loan.

The property has good potential as a Med Term Rental in the future, and minor cosmetic updates can be completed as tenants turn over to keep rents improving in a positive direction.

Delayed financing would not apply, you'd have to wait the standard 6 months.If the debt is secured by another house (cash out refi Property A to pay cash for Property B, for example), then it was a cash purchase, and you could do a delayed financing cash out refi in less than 6 months.Pragmatically: Between the labor issues and everything else, we aren't really seeing people actually put up ADUs, or complete major non-cosmetic renovation, in less than 6 months, anyways (everyone has a whimsical timeline where they think they will take 2-3 months), making it moot.