They just want some basic upgrades.

and refunds to guests2) Hire amazing people - cleaners, handyman, recruit some neighbors to help fill in the gaps, & self-manage or hire an offshore VA to manage the property if you'd rather make yourself rich instead of making a local property manager rich (more on that here: https://www.biggerpockets.com/... )And make sure that your cleaners and handyman are not only doing a top-notch job of keeping the house in pristine condition, but they are also reporting to you (or to your PM or to your offshore asst) every little thing that needs to be upgraded or replaced so that you can stay on top of it and take care of things before you hear it from your guests in the form of guest complaints and bad reviews.

I'm asking this because if the repairs and upgrades took longer than a year the private lender would feel like they are not getting their money's worth for the investment, but if they held the title/deed at least they would have ownership of the property till the debt is re-payed.Is this something that can work?

Do nothing until she moves out then upgrade to some type of laminate as it's more durable.

If the property qualifies for conventional financing, what about securing a loan now... doing the external rehab now, doing the interior upgrades over time as tenants turn, then refinancing out later?

I have gotten the comps for the area , and have factored in the upgrade in which the owner has done to the property , I feel he is asking for about 5k-10K over.

Full cosmetic renovation & upgraded electrical and plumbing systems.

Full cosmetic renovation & upgraded electrical and plumbing systems.

(the home has also appreciated about 35% from the original purchase price through some upgrades we’ve made and market conditions ) and potentially pulling my 20K out and then some if I wanted (I’m not eligible for a refinance and avoiding PMI until I pay down to 80% of the original one so that’s why I’d have to pay the 20k first)Not sure what the best approach here is and would appreciate any insights and previous experience or any correction to my thought process above.

This also allowed me to upgrade the electric, add cable inside the walls instead of on the outside of the house, put insulation in the walls (it had none), and replace the old sash/storm windows.