@Albert Johnson I recently did an “upgrade” ($10,000ish) for an extremely vocal tenant.

I turned that home into 3 paid off rentals (one of which I lived in for two years), and upgraded my primary residence in which the mortgage is now paid by my rentals. 

Are you ready to upgrade your primary and turn your current home into a rental?

Always over estimate upgrades or flips.

That's a great way to go to upgrade a property you're looking to purchase.

Operational efficiency is also crucial; optimizing operating expenses and implementing tenant retention strategies, such as lease renewal incentives or adding desirable amenities, can stabilize your cash flow and reduce costs, helping maintain profitability even if rents decrease.Investing in property improvements, such as value-add opportunities and energy-efficient upgrades, can command higher rents and retain property value better than average units.

I think you may want to start of the arrangement in a more simple fashion.Ask for a loan in which he will get a stated return 6% to 12%.If you are both successful happy with this arrangement, upgrade to a partnership.I think a partnership off the bat makes things complicated.You will also likely make more money in a loan agreement if the project does well.

Plus a really nice upgrade in communication as well! 

They instead focus on fully gutting their projects and install entirely new kitchens, bathrooms, fireplaces, accent walls, etc. and any exterior or mechanical upgrades necessary.While I understand this whole hog strategy, part of me says this will end up increasing the value of a home so far beyond other homes in the surrounding area that it wouldn't sell for what it's likely worth.

And as I’ve said before, the power bill was already over $400 last month, even with us being extremely power conscious.