You find older house that needs updating. 

Would you switch out the flooring for LVP and update everything so it is more modern or would you leave it as is?

Building is old with old plumbing and updates needed.

Rent out room by room and update.

Purchase price: $515,000 Cash invested: $138,263 This is a 6 unit MF with all one bedroom apartments we bought and looking to add value by exterior cosmetic updates, increase monthly rents towards market rates, and renovate the remaining 4 units yet to be updated during turnovers.

Keep us updated.

I'd buy it using an FHA 203k (most likely)with plans to update anything that's "quick & easy" to do, like new cabinets & counter tops or new washers/dryers without using up every cent of my cash on hand. 

Even if I have to skim coat spots it is less work than going teh drywall route . . . will update as to how it works. 

Flooring will be replaced, ceiling fans added to the bedrooms . . . . do you think the wood paneling woudl work with an updated design? 

Mechanical updates include all new electrical wiring, and updated plumbing.