Hello! I purchased my first property (quadplex) about one year ago for $410k with the intent to convert at least two units into STRs and either leave the other two as LTRs or convert those to STRs as well. I have since converted two units into airbnbs, which have left me at approximately a 3.7% cap rate with the other two units presently vacant. The other two units are vacant because they need renovation (and furnishing) prior to rental. One unit needs about 7k whereas the other needs approximately 30k. Projected cap rate would increase to around 14-17%. 

Further still, the house overall is a fixer-upper and could use 80-100k to modernize the amenities. These numbers include the estimates mentioned in the previous paragraph. If such an investment were made, the ARV is likely >$600k--although this has been difficult for me to estimate since TX is a non-disclosure state.

Ideally, I would pursue the larger 80-100k investment and cash-out refi afterwards along with enjoy the increased STR / LTR rental income. Yet, I am also open to the former option of just renovating two units for the 14-17% cap rate. Unfortunately, I am not currently financially capable of making these renovations and would like to explore options for acquiring this capital. I am interested in either private lending or partnering with a fellow RE investor. If anyone is interested or has other suggestions please DM me or comment. Thank you kindly!