Are you concerned about the PMC doing the rehab to improve the property?

If I am familiar with an industry of home improvement contractors for example, and speak with them, meet with them, and they like the proposition to invest some money in me purchasing a property to re-sell, that is in of itself not an issue under the regulation for non-accredited? 

My mortgage balance is about 206k and the home is now worth about 280-290k after improvements and appreciation.

Rent control for Saint Paul passed with a 3% cap on annual rent increases and no mechanism for adjustments based on improvements or resetting to market rates between tenants.

CoC returns should include Rent, minus Principal, Interest, Taxes & Insurance (PITI), minus property management, minus repairs and capital improvements, minus advertising costs and anything else you need to run the property.Most realtors are not investors. 

The majority of the multi inventory I come across in the city tends to be 4 walls and some joists, coming with a 6 figure acquisition and a 6 figure rehab cost.

@Sattir BittiYou would allocate cost basis to the unit being sold.I.E. allocate purchase price, improvements, depreciation, etc to calculate your gain.

How might it work if a tenant is offering to help cover repairs/improvements?

Never took depreciation or upkeep/capital improvement expenses on schedule E but always claimed full rent income.

@Greg Todrank I'm not trying to harp on you, but I do want to stress the importance of improving your processes.