The presentations typically are much better than the actual training.

Look at zillow listings and see what are typical offerings in your area.

A typical hard money structure is 6-9 month term, 2-3% origination, 12% annual interest paid monthly interest only and full payback at the exit.  

You are right, we never hear about the failures, only those that typically start out with tons of cash

Selling now means you could miss out on potential future gains.Market conditions: If the market is currently down, you might not get as much for the property as you would in a stronger market.Option 2: Get a Loan to Fix the BasementPros:Increase property value: Renovating the basement can add significant value to your property, both in terms of rental income and resale value.Higher rental income: With the basement fixed, you can charge market value rent, which could help cover the mortgage, property taxes, and the cost of the loan, with the profit potential.Tax deductions: The cost of renovations can often be deducted from your taxes, either through depreciation or as an immediate expense, depending on the nature of the renovation.Cons:Additional debt: Taking out a loan adds another layer of financial obligation and risk, especially if the increased rent doesn't cover the loan payments.Renovation risks: Renovations can sometimes uncover more issues that need fixing, leading to cost overruns and delays.Market risks: There's no guarantee that the market rent will remain high or that you will find tenants willing to pay the increased rent.Additional Considerations:Current Market Analysis: Understanding the current real estate market in your area is crucial.

I am not convinced that granite countertops will allow you to increase rent enough or reduce vacancy enough to cover their cost.In a typical smaller house you might spend $6000-8000 on granite countertops, if it even allowed me to increase rent by $100/month it would take 5 years to recover the cost.Our tenants seem to be happy with laminate countertops that cost me less than $1000 to self-install ( I have done this in multiple houses).Can you help me understand the math of ROI on this?

I feel like the rent will barely cover the mortgage and I won’t make any cash flow. 

With a typical investment of $50,000 to get into one deal, I decided that $4,000 was like an insurance policy, since I would surely lose more than that on one bad deal.

Quote from @Madhul Shah: If an individual purchases a rental property and incurs expenses for property management, maintenance, and mortgage interest, how are these expenses typically treated for tax purposes, and what impact do they have on the individual's taxable income from the rental property? 

Account Closed fyi:  "novation" is typically a legal/contractual term where you are changing a party in the contract.