It would be helpful to convince them to include the rental income in the denominator, which would improve the DTI calculation.How many units are in the property you're trying to purchase?

They could also give you recommendations on what improvements could bring additional value in your market.

While doing some of my financial modeling on a real estate property we are finding that a deal in Lubbock is passing our initial checks as it relates to the financial performance we are seeking.

Would he be able to hold off on depreciating the property (with improvements) until all the costs that are to get the property ready for its intended use are complete? 

I prepare to stay for 2 years, while adding value, for tax free gains...and I like improving houses. 

Calif Civil Code 1954 states "Landlord my enter dwelling to make necessary or agreed repairs, decorations, alterations, or improvements..." 

One word of caution: value-add and forced appreciation really only apply to property 5-units+ that are valued based on the income approach. 3 unit deals generally don't benefit from this.That said, I'm sure the value of the property will indeed increase due to your improvements.

My focus is seller financed performing notes so I can learn the business first with lower risk investments.

There are too many variables to give a one-size fits all answer.Personally, I would put $1M into commercial syndications (money backed by a hard asset that historically performs well in market turmoil) and diversify the remaining $1M across notes, NNNs, SFHs and some S&P 500 index funds.

I am very curious as to the must have or 'should do' rehab to either increase value in my home to possibly start using the BRRRR method or for basic tenant improvements.