Floors under the kitchen and baths may be rotten.   

I'll have all the roof off as Im building out the 2nd floor but I should be tightened up by Dec 1 with all exterior work done and move to interior finishes.

That way I don't waste time showing a 2nd floor unit in a fourplex to someone wanting a house.

What are the terms of the blanket loans, adjustable rate details, floor, cap, ceiling if any, fixed, term, reappraisals, what about release fees and amounts on each property, any constant LTV requirements, if you want to grow later on does the loan provide for future advances?

@Joel Owens Thanks for a different perspective.The extent of my jobs vary depending on the exit strategy and the condition of what I walk into.Holds are usually interior updates with basic finishes throughout - paint, floors, fixtures and new mechanicals if needed, otherwise I just have the mechanicals inspected and tuned up.

When it comes to the floor, there are 7 different colors of tile and 4 rooms of carpet.

Upper floor has 3 bedrooms and a bath and lower has a separate entrance with suitable space to make into a 1 bed apartment.

I have my first rental property under contract, which is a SFH and a duplex (one floor of the duplex is completely gutted).  

She says both houses were recently updated (roofs, floors, appliances) and provided pictures of the properties. 

all my tenants pay their heat, electric, gas and each is responsible for a light bulb outside of their door in the hall and first floor maintains a light outside his door and in the front of the building.....so I don't have an electric bill