Financing a renovation for a owner occupied Multifamily Unit
I will be purchasing a multifamily unit (ideally a triplex) and I plan to live in part of it. I have been looking at units in the price range I have been pre-approved for and they all seem to need a few updates to where I'd feel comfortable living there. If I find a tri-plex priced under my approved financing price, can the difference be used for renovations? What type(s) of loans do I need to seek out to be able to update the tri-plex. What other options do I have for updating? Just to be clear I am talking about cabinets and maybe flooring.