There are multiple little neighborhoods going through revitalization with some very far along and others at the beginning.

in the process of closing on a 5 unit. 4 of the units are occupied and have been for multiple years.

I'd do that now on your tax return to help show numbers for needing to show previous numbers for sale purposes.If there are multiple parcels on that one Bill Each is a separate entry unless its considered on complex.

I'm in Santa Ynez.I have my real estate license and don't recommend it until you're well into buying and selling multiple deals a year.

If you find yourself having to rip out multiple walls, it could get costly.

Accounting too so when someone calls and you are looking at the property info to answer questions your cost basis is right there too.You can print checks and deposit slips that link to your accounting so you are not making multiple entries of the same transaction.Buyers can have their own website to log in and see their payments, contracts, parcel map etc files as well as pay online.

@Hannah WilliamsAlways get multiple quotes. 

takes time to sell 7 lotsYou may have zoning issues - may need curbs/sidewalk/guttersWith that many lots that close together is the main property your rehabing going to be an asset or a limitation to who or what is built near it Could re zone and split it and list it and let new buyer either buy house by itself and multiples of lots and give them a price break on lots

The investor would be a passive manager, and we would split the profits 50/50.In this scenario, would it make more sense to utilize the "cash out refinance" strategy (purchasing a property all cash, renting it out, getting it appraised, pulling all the equity out, and repeat) OR would simply getting multiple conventional loans be better? 

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