If you’re buying as a tenants-in-common today with an eye toward converting to condos later, start by thinking like a lender.

Rule #1 is to never be a forced seller, and too much leverage on a deal that goes sideways is probably the most common reason why that happens.I have done a deal where I bought a distressed property that could not qualify for a conventional loan with a HELOC, so it was a 100% financed deal.

Are there any strategies new investors commonly use to balance personal home upgrades with starting a rental portfolio? 

You may also occassionally see 6 or 7 month lease terms with LTR (more common when an annual tenant renews for an additional 6 months, for example).I've never heard of a 2-5 year lease term when referring to MTR.

Common fees that could be in the contract: - Collected late fees - shared 50/50 with manager - Lease renewal fees  - If allowable by law, your manager negotiates renewals at a 1-1.5% of the lease value. - Mileage - Some PM's like charging mileage associated with the building. - Tech Fees - Usually $3-$5/unit a month - Printing and Postage - Only as needed. 

Term Length: Shorter-term notes (12–24 months) are the most common, especially for flips or value-add projects.

What's common for the neighborhood you'll be buying in?

Often there's an issue with common areas - which meter to put them on or will you need a third meter for common areas that stays in the owner's name?

It is so common for people just to say "I need to improve my score" or "pay off debt" without context of how you got in that position.

That said, cash-out refinance through a DSCR or investor-focused product is usually much more straightforward and commonly used by LLCs.Complications: An LLC doesn’t complicate things too much if you’re working with lenders used to investment properties.