For example, I looked at one tri-plex that had recently been remodeled with two units being 2/2 @1000 sq feet renting for $2,000 per unit and the third being a 2/1 renting for $1750 asking price of $850K. 

Most landlords will use the remodel clause to remove tenants if they dont want to sell.Just replace the kitchen and bathrooms.

This is my first time and I'm buying a fixer upper that needs a new compressor, roof and a total kitchen remodel.

Would I pay for all the remodel expenses and then 50/50 split of profits or does contractor pay remodel cost?

This is 5 mobile homes and one building being remodeled as a storage unit. 4 park owned homes and 1 tenant owned home.

Should this comp as new construction or remodel?

I wouldn't knock down anything, it was suggested that I remodeled the two that I have.

While I haven't remodeled the main house, it's situated in a highly desirable neighborhood.

Hey Jessie --what other passive RE models are you referring to?

I see a lot of LL compare their old unit that hasn't been remodeled in 15 years and has delayed maintenance to some newer units.... they create a vacancy but jumping to what they see as market and that vacancy and remodel costs them tons of $$ that takes YEARS to catch up on with that jump to market.