IF you were to renovate a non-conforming unit, that unit would now need to be brought up to code.When or if you rent out the unit, you, of course, run the risk of the tenant calling the city and saying the property isn't up to code, which would, in turn, cause an inspection by the city and likely result in some violations that would require you to bring the unit up to code.These types of units are ALL OVER the city of Chicago and be rented out on a daily basis, but there is still clear risk associated with renting them out.

So far, we have received this advise from appraisers in the Maple Heights area: 1) Attach all offers so the next appraiser can better understand the market value, 2) Provide a letter from the Maple Heights Building Department discussing the addition of the egress window making the bedroom conforming livable space, 3) provide comps for similar properties sold in the Maple Heights area (these do not have egress windows), and 4) create an itemized list of improvements and cost for renovations to the property.We are grateful to the Bigger Pockets community for their advice as well. 

I currently have one rental property that I bought this year, spent a large amount of time renovating it, and it’s now rented.

Renovations 50K.

Many investors hesitate to start their next fix-and-flip project due to barriers like limited funding, uncertainty in market conditions, lack of experience in estimating renovation costs, or fear of unexpected delays and expenses.

@Jose BotelloTax deductions for renovations in personal residences are not deductible for current use, except for home office use.

Prefer light renovations/updates, and ability to force equity with opportunity to add ADU(s). 

Is the eight unit apartment fully turnkey and rented or does it have a lot of vacancy / need some renovation? 

With all the money they had made from the show they bought a few city blocks in the heart of the neglected downtown of Waco, applied their renovation magic to it, and quickly built a beautiful Magnolia campus in the heart of the city.

I haven't been expanding my business with LMHA since the end of 2016 per my posts above so I don't know exactly what changed, but I expect the outsourcing of inspections to private industry + some executive level leadership + replacement of staff with new faces excited to serve the needs of HUD/Landlords/Those In Need has resulted in an agency I will develop more business with.The HCVP will always be a double edged sword for landlords (See Section 8 Bible discussion) but for now I have discovered it is finally worth the effort to participate in the program.I specialize in Toledo's transition neighborhoods, discounted houses on the edge of nicer areas but also on the edge of trash...the Section 8 program allows me to get long-term tenants who are a good business model provided they are consistently managed and visited/inspected for additional "visitors" (relatives and random dogs/cats) and damage/housekeeping which can destroy a home if left unchecked.You need to know the rules, repair and renovate for long-term durability, prepare for inspections thoroughly and keep a team of contractors who will hold those standards...after 8 years we have been through a hundred inspections.