The same can be said renovating properties.

There was about 5K of work that needed to be done. ( I was just instructed to send money, never really got a quote of what that money was for, but the general list did not include any major renovations, just things like painting, some electrical work, cleaning up, etc)  It is now almost two months later, and I don't believe they have even begun showing it to tenants!

So, approach a local bank about a "cash out" (commercial) refi loan against the property to do "renovations and upgrades". 

As I usually do value add realty- I do have enough cash to renovate the property.  

Dated, adequate, renovated, a shambles?

Properties that don't quite meet it can still work with the right renovations and rent increases.

I priced this slightly lower then the other renovated units in the building to give me an advantage since this is my first year doing a rental.

Hello,A town home complex is going through a $1 million renovation this year.  

This means your rent will be different as described previously and perhaps more costly, you will have to spend a lot of money to renovate the space for a less specialized use.

I'm using private money to purchase and renovate my properties.