If its only a 25% increase i can live with it but im seeing equations as high 150% higher.

Rents are currently affordable and no vacancies for 2.5 years...Nathan is correct your rents are probably below market and should be raised.In regards to your reno I would base my decision on whether the 100K expense would increase the value of the property by 100K.Using your market cap rates applied to the potential rent increases does that equate to a 100K increase in value. 

So even your target "type" of property can vary based on the "where" in the equation.  

But the equation is easier than all that.

That typically equates to break even or even a negative cash flow.

I would not bring offshore trusts into the equations unless we are talking about millions.

Eight deals could equate to $40k in business while one deal could equate to $80k.

The risk of the deal has just increased in their eyes and you are new - they equate a certain amount of risk to that as well.If the list price is 290k and you had to put down 20%, that's 58k, then you have closing costs - another 8k easy - insurance, another 2k, transfer taxes: anywhere from .5% - 2% of sales price, title costs, carrying costs, you'll need to front the contractor another 20k for him/her to get going on a 100k project. 

I am not thrill about paying the 5.75 interest only for the LOC, but the equation/number still works, and I am able to continue to grow my portfolio.

Why add an extra step to the equation?