It is $4,000 worth of work and materialsAny suggestions would be appreciated!

Most GC's are not interested in 203k jobs that are smaller as they just aren't worth the paperwork. 

I am now hoping to keep the cost of the work under $40k while bringing it up to "market level", because this is the amount that I was told would be added to the appraisal if the "market level" renovation work is done.~ JonPS new appliances are already in the bag to the tune of $2000.

I think it would be worth your while to just buy one. 

(Also look into the FHA 203K loan)Another benefit to going with a multifamily is that it can "boost" your purchase price using 75% of the other income to help your debt to income ratio... so $1000 rental is worth $750 to offset any PITI payments.

Bottom can be converted back into 2 units by re-adding a door.

Look at what the home is worth today if it were in good condition.

Hi, my husband and I own rental income properties and before adding anymore to our portfolio, we need to structure business entity, establish strategy and tax planning, move assets wisely and perform some estate planning.

We bought an 81 unit, 3 years ago, for pennies well now its worth well north of 2 mill.

Adding debt is not a taxable event.