When it comes to prepping a home for renters, versus a "forever-home", do you consider the quality of material when making cosmetic updates?

A non furnished 12 month lease for an updated 1/1 in the area is running $1,400-$1,600 per month, and a furnished unit can push upwards of $2,000 per month.

Hello everyone I’m back again with more questions and a little bit of an updated plan as I’ve been doing some research just want some feedback and possibly some motivation stories appreciate it ahead of time.I’m 21 working like a mad man at my day job picking up as much overtime as possible and listening to podcasts all day while I’m there learning on the clock as well off the clock I make decent money (not enough to raise a family on) so my plan is to use the BRRR method & house hack a duplex - quad and buy and hold long term and eventually go commercial with big apartments so I can have all units in the same place i don’t have a team at the moment nor have I contacted anyone as I don’t have a need for them yet I’m still in my accumulation phase (knowledge and capitol) My questions areIs there an equivalent to a 203k loan that’s conventional I don’t want to have to deal with mortgage insurance forever?

We would like to update the electric panel (last completed in the 80's) however the contractor informed me that new rules stipulate new permits must include a hardwired connection to a Fire System.Is this true???

Before you notify them, I would ask for a complete update on the expenses to avoid them adding after the fact. 

Then I saw an updated letter sent to my online account with them that the 2 year clause applies.

@Jacob Pereira The house we bought needed some update inside but not too drastic.

Please update on whether you move forward with this one.

If my math is right you could almost double a properties income potential by adding an Accessory dwelling unit which will probably cost less than 10-20% of the initial home purchase price.Example:SFH purchase: $400,000 renting at around $2,100-2,500 (after about $5,000 updating)Garage Conversion: 25,000-100,000 (maybe less if I can find one with a bathroom next to the garage)1 bedroom renting near Fairfield CA: $1500 monthA lot of these numbers are idealized but this could bring the Property near to the 1% rule.400,000+25,000+5,000 = 430,000(2500+1500)/430,000 = .93%Now if we get this to work and we take it a step further and add a second ADU to the backyard for 100,000-200,000 we could add a 2 bedroom and add more incometotal cost: 430,000 + 150,000 = 580,000rent for 2 bedroom: 2,000Total income: 6,0006,000 / 580,000 = 1.03 %Do these number look relatively reasonable to anyone that has more experience with adding adu's in California?

Hey Everyone, @Brandon Miller, @Joseph Cornwell, @Marcus AuerbachI created a new post for an update on your 2020 goals. https://www.biggerpockets.com/...