., many property owners will be willing to share information after a serious offer has been presented. 

Immediate rent increases, strategic renovations, and vertical expansion can transform this property into a highly lucrative asset.Side Note: Want to learn more about converting Philly’s RM-1 properties to add units?

Which units are renovated, and which are non-renovated (this will impact rents).

From the photos it looks like a $30k renovation. based on what I know about the area it will ARV at roughly $115-$120k. 

But it also comes with challenges—liability, payroll, scheduling, and managing workflow across multiple properties.

I will be honest I did not read this entire post as it is extremely long -  I stopped at 100% purchase 100% renovation as that does not exist unless you are extremely experienced.

Should I buy vacant property or tenants occupied property ?

Joshua,It’s definitely smart to track budget vs. actual throughout the renovation.

I'm growing my portfolio without having to manage properties day-to-day.

Currently, I live in Encinitas, CA but plan on relocating to Santa Fe to stand this investment property up and work through renovations, etc.I'd be incredibly interested and grateful for your insights into the Santa Fe market.