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Talking about a 3 year project. Lots of upgrades can be made without going broke on building materials. i don’t think he’s interested in a Flip or Flop scenari.
It depends on the level of construction he's planning though. Minor upgrades are probably safe. If you're gutting the place or re-doing an entire room floor to ceiling you're likely to run into issues. But prices are up a ton across the board on everything small to large. And even something that seems simple like say getting new doors or fixtures have long delays. Just need to be aware that anything above small work, you're probably gonna be sinking many more dollars into it than you would have pre-pandemic. If he's there for 3 years, it could be beneficial to put off upgrades for the 1st year to allow for material and construction costs to come down.