I love creating excel spreadsheets and using it to analyze, minimize costs and increase profits.I look forward to networking, making new friends and business partners.N

If the value of both properties go up by 10%, you make $20k on scenario 1 (10% increase x $200k value x 100% ownership) and $167.5k on scenario 2 (10% increase x $5mm value x 33.5% ownership).

If I was to purchase a multifamily investment, for example a 6-unit property, and turned two of the units into vacation or short term corporate rentals that increased NOI when compared to traditional rental income with lower NOI, how would lenders look into this in terms of a value add to the property?  

I would assume that resale for those areas may be pretty difficult, but those areas potentially could be good for acquiring rental properties.

I usually do suggest finding a deal first as it increases the chances of landing a mentor, but I'd also say that finding a deal is the 1st step even without one.

The only issue with that  is that it will make it more difficult to sell them individually in the future.  

Find good software, figure out how to do dynamic pricing/yield mgmt so you can show owners how you can increase income (price for max revenue in season, occupancy in off season), hire good housekeepers and make a good corny website.

In the end it will save you a lot of headaches and even increase value of the home in the future. 

While you are looking within that circle you are informing everyone that you are a real estate investor which increases your chances of getting deals.

I suppose rent could be increased to account for the higher utility bills, but in general is there a general clause in a lease that you normally put in to disallow things such as the window air conditioner or other modifications to the unit.