Quality of tenant? 

So you're usually stuck with newer or lower quality Contractors.

Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.

So I think making some minor cosmetic renovations, I can improve the quality of the condo and increase rents.

The one difference I found is that good quality contractors are much easier to find and build a relationship with than they are in our home state.

A cheap one won’t deliver, won’t produce the quality you want, won’t pull permits or build to code, will cut corners, or better yet run away with your money.

Quote from @Gabriel Alfaro: It's hard to find a quality contractor willing to work for free.

It's fairly easy to mess this process up so make sure your GC is good at what he does- Quality > quantity: two units is better than three crammed units in the long termAnecdotally, I think large SFH bungalows (>1,800 sf) make the best conversions out there

There are countless ways you can make or lose money on a property (not overpaying for contractors, shopping for insurance, using LED bulbs, keeping up with maintenance issues before they turn into big repairs, getting quality tenants etc)I could go on and on but you get the point.Anyway, feel free to message me about any of the above. 

After I watched this video I decided to ask ChatGPT the keys to building a $100 Million multifamily real estate investing business (coincidentally I am writing a book on this topic)ChatGPT's Answer:There are several key factors that can contribute to the success of a multifamily real estate investing business:Develop a strong business plan: This should include a clear vision for the company, as well as specific goals and strategies for achieving them.Build a solid team: Surround yourself with knowledgeable and experienced professionals who can help you identify and acquire quality properties.Focus on a specific market: It can be helpful to specialize in a particular type of property or geographic location, as this can allow you to build expertise and become a go-to source for investors in that area.Invest in high-quality properties: Look for properties with strong potential for appreciation and cash flow, and be willing to put in the time and effort to make necessary improvements and updates.Utilize effective marketing and networking: Network with other professionals in the industry and use marketing strategies such as social media and targeted advertising to attract potential investors and buyers.Manage properties effectively: Proper property management is crucial for maximizing the value of your investment and ensuring the success of your business.Continuously look for opportunities to grow: Stay up-to-date on market trends and actively seek out new investment opportunities to continually grow and expand your business.This is a pretty good answer, and frankly it's amazing when you step back and consider that this service is brand new and 100% free.AI is going to change real estate investing, along with every other industry.