I try to only do one bigger project to help maintain a budget, but doing this as a regular practice has been very effective in improving the overall quality of my rental units as well as vastly reducing service related issues.As an example, a recent 1 BR we made ready to rent had an older multi-piece shower unit in a bathroom with older sheet vinyl flooring.

BiggerPockets maintains a directory of clubs.

They will give you the real scoop after turning over multiple tenants, maintaining the property, etc...

I want to maintain leverage throughout the renovation phase. no way im trusting any contractor to do the work in a timely manner when handed the money directly before anything has been completed. 

So what percentage of ownership/equity do you typically maintain when you pull all of your money out by bringing in an equity partner?

If it is an area I wouldn't want to visit, I wouldn't buy there.I also get a local team set in the area realtor, PM and maintainence so I have someone to call when a problem arises.Steve

Looking to maintain empty property in Queens preferably because it’s closer to my job 

The good ones put their owners and tenants first and have an a+ maintenance team to help secure and maintain their owners investments.

@Stephen Nicholson - excellent advice hereBe a disciplined investor by sticking to the numbers that make financial sense for your target level of profitability and always maintain walk away power in any deal.Sometimes these deals will comeback to you but chances are they won't as the seller has an unrealistic view of his asset's worth, is no hurry to sell and someone with less experience than you will come along and pay him over market price at some point.Rick

In some cases it makes sense for them to sell at sub optimal levels rather than hold out for the absolute highest price.