I was planning on remodeling the kitchen (add an island, add a stove vent, change the countertops, touch up the cabinets), demo and move the internal wall of an office space and make it into a 3rd bedroom, and maybe update the flooring.This might be more of a question for a CPA that is also an RE investor but please let me know if you have some insight on this situation.

In this particular instance the landlord remodeled or in some way assisted in making their experience as a tenant better and in return the landlord raised the rent which made the tenant more willing to accept the rent increase.

However, after doing more digging he sent me the following excerpt from the Florida Department of Business and Professional Regulation:"Residential Contractor - means a contractor whose services are limited to construction, remodeling, repair, or improvement of one-family, two-family, or three-family residences not exceeding two habitable stories above no more than one uninhabitable story and accessory use structures in connection therewith."

So, like a fool I paid the seller $100,000, signed a lease option and the seller agreed that I could remodel the house.As soon as I started remodeling the house the seller filed a lawsuit stating that I destroyed the value of the house and claimed he could no longer get a loan against the house I was purchasing.

You do that extensive of a remodel your tax will most likely double.

Originally posted by @Bob Malecki:Having to trash out the foreclosed property and put it on the market for sale.and just think so many investors business model is to do just that.. find the crap houses and remodel them  :) 

Unless the previous landlord did some major remodeling you have your work cut out for you!

Once the two largest units are vacant, I plan on remodeling the kitchens and including a W&D combo.

Hello - I have ties to Cali myself, I'll be in La 4/2-9 lol - I am a realtor and investor here in Indy, I also do property management, home remodels/flips, and more.

In preparation for requesting bids, I have gathered (Googled) some estimate costs for the scope of work I believe will need to completed to raise the value of the property to align with recent comps; however, after checking reviews on Angie's list of local contractors, it became clear that many of the reviews that I was seeing were from happy homeowners who didn't mind spending an arm and a leg for a kitchen remodel that they would be enjoying.