Here are the options we're considering.1) Use a HELOC to update our current primary residence (SFR), sell it, and use profits for next property.2) Move into a new property (probably MFR), using primary residence as a rental in current condition.

@Trenton Doss Hey Trenton, do you have any updates on Ultra Maris Capital?

I heard about the Rebuild NWF program providing 75% funding for updated impact windows but unfortunately that program ran out of funding recently. just missed the cut :(Anyways, it got me thinking so Im interested if anyone knows any kind of programs like this for any type of renovation/installation that I can take advantage of as Im bringing this home back to life.Thanks in advance!

An update / closure on this post.I decided to move forward with renting to this applicant as she met all my criteria (3x rent, no evictions, no criminal history, good references, decent credit, etc.).

If I can get a rent-ready but needs just a few cosmetic updates for the right price that cash flows at the rate I want to hit with each property to reach my business goals, then I'll go for it.

Mostly cosmetic updates and i am assuming maybe tearing one wall to open up the space.

Should they receive a piece of the rents in addition to their percentage of the selling price if I am providing all updates and maintenance over time? 

For this first investment I plan on living in and updating a single family home and then moving out and turning it into my first rental property, and then repeating. 

The issue that I have in Austin is that every house is above $320,000 and duplexes about $450,000 and they are not even close to being updated.

Purchased new washer and dryer updated carpeting.