You may able to do non-construction updates to those occupied units and keep some residents, although that sounds unlikely for the scope of renovation that you mentioned.Rod Khleif has a podcast with J Scott Scheel where he gets into creative ways to execute the value add process.  

Hey everyone,With not much capital to put into a project, I have had to get creative with how I want to go about purchasing properties.

I'm not trying to fear monger, but this sort of "creative thinking" always goes back to this and the IRS already makes it a "disadvantageous taxation status." 

I'm assuming I can't refinance if I use creative financing, so how do I pay back the private lender loan fast if I use that path?

Apologies for the 20 questions, I'm still very new to this whole "creative financing" party. 

You just have to look harder and be more creative. 

@Rocco Swinney I wish it was more creative, but I just did a traditional commercial loan with a local community bank that was a referral from the selling broker.

I doubt your lender at a regional bank will be creative, so you will probably have to live in the property for a while. 

Get creative. 

In some way, I think it’ll also free me up to take more creative chances in my music business: I could stomach more creative risk.I’m sure I’ll be jumping into the forums and posting more here.