They have better collateral and you are able to utilize your funds for renovations instead of the down payment.

If you buy at a good price and renovated it the FMV can be higher than purchase price.

I did a major renovation with some higher end finishes. 

The second floor is renovated and rents with a lease for 2100.

2) Should I close and renovate before financing, assuming I have the resources. 3) Assuming again that finding a commercial tenant will take a while, should I at least wait until filling up the residential tenants?

Purchase price: $65,000 Cash invested: $22,000 Bought this deal off market in 2019 from a fellow investor using a private money loan for the purchase price and my cash for the renovations.

@Greg Todrank- Get the police report before you start the renovation, if possible. 

Has the property had any prior repairs or renovations?

It was an inherited property, the started to try and renovate, and didn't complete it.

Thanks guys, place lacks decent pictures right now as I’m waiting to renovate, hoping to generate more leads once that’s done and I have new pictures.