So at the end, more renovations needed to be done.

The larger benefit is that tax free gain at the end

Many lenders say they don't have seasoning requirements which is there competitive advantage but they will only lend based off of the purchase price + renovation costs until you've hit their 6 or 12 mo min. 

I'm renovating a 2/1 duplex; unit 1 became vacant a few months ago so I did a full renovation on that unit, went with tile flooring and granite counters.

I want to pay as little down as possible because I want to start renovations and need my on hand cash.

I have managed the renovation of hundreds of investment properties.Let us know if we can help,Michael and Hope

List price is $340k after a complete renovation. 

This is part of what I don't understand about how other investors do it - an affordable renovation that still makes them money but stabilizes the property. 

I love to talk real estate and have been doing a lot of research and educating myself  in the past months and I believe Cincinnati Ohio would be a great place to invest in small multifamily properties and would like to eventually work my way up to larger multifamily properties. 

We happen to have caught some solid appreciation and plan to flip it now (using the rent we received from the past year to fund a solid chunk of the renovations).