If the STR is going great, you have equity and good income, you might be able to get someone to establish a business line or credit or loan for you that you could pay off with a cash out refi on the new property when you finish.

Quote from @David McDonald: I've just finished the first module in my real estate agent coursework and I'm looking toward to finishing it all up by the end of the year and taking the exam. 

And it's written under the pseudonym of Sean Cook by Paul Kaseburg.Paul’s sat on both sides of the table on over $2 billion of real estate deals.

We’ve seen the same thing in Memphis, once you get the build-to-rent model dialed in, the predictability is a game-changer.Rehabs can make you money, but new construction lets you control the process, control the finishes, and control the long-term maintenance curve.

I would also lock in finishes and materials upfront so there’s no room for interpretation.

My recommendation (short version)✔️ Keep the tenant if they comply❌ Non-renew if the smoking continues✔️ Use a formal notice now✔️ Add inspections and fines to the lease at renewal✔️ Start odor sealing in your unit (Kilz, caulk, block off gaps)This keeps your good tenant, protects your property, and stops the problem from creeping into your newly finished space.

You can totally put them on in the background while driving, working out, cooking, etc….

The risk is on the back end when its finished.

No faster way to lose money in real estate then to be stuck in a renovation without enough money to finish.  

I think basements as additional living space - assuming the basement is finished nicely, has egress, is free of radon, and is professionally waterproofed - are great ideas.However, we've had low success rates leasing even semi-below-grade apartments.