If you are or become an accredited investor, you can buy into institutional grade $50-125M projects with as little as $100,000 and diversify.

I remember purchasing my first investment property and paying too much for it and doing an extensive renovation on it at that.

I would only change these items if I know the area does not see much vacancies or if I replaced everything breakable at the initial renovation phase.

Chris T.While we are not flippers, we do use a similar approach by purchasing tired properties and forcing appreciation: it is just rehab-n-hold as opposed to rehab-n-sell.When we are carrying out a deep retrofit on a newly acquired property, we will put a sign in the yard advertising another "modern, heathy and energy efficient home in the making"  with an indication of when it will be available for rent.We typically have the units rented before the renovation is complete.

I arrived at the tail end of an improperly managed million dollar renovation.  

Here is a blog where I wrote about a recent 42 unit we bought and did creative things to add value. https://www.biggerpockets.com/renewsblog/bought-multi-million-dollar-apartment-complex-age-26/Just a few ways to produce ancillary income:- Laundry Coin laundryDetergent/laundry essentials in a vending machine in the common area laundry rooms.Rent individual W/D to each unit-Parking Garage parkingCovered parkingprime spot parkingJust plain old charge for parking-Renovations Interior units upgradesCommon area renovationExterior upgrades for curb appeal-Vending machines In common areas such as exercise room, pool house, laundry or leasing office-Trash pick up service In high-end buildings they have a service where you can set trash outside your door and for a fee maintenance will go around each night and collect it so the resident doesn't have to carry it to the dumpster.

I have done rehab projects, acted as a buyer's and seller's agent, and also own some rental property of my own in Pasco.

We are actively purchasing more rental units, looking for another mid-sized project to renovate and building better systems for the future.

Other renovations included new roof, appliances, AC, flooring, lighting, paint, conversion of 100 amp glass fuse panel to 200 amp thermal CBs and the elimination of gas lines. 

We tour the project and talk about how to build our real estate businesses.