Quote from @Robert Smith: First time post, apologies if in wrong spot, this seemed semi-appropriate.Wife and I have 3 rental properties and 1 home, all in CA. 

Take a look at sold comparabale sales over the last 12-24 months and identify what you can do to add value to a home using renovations to increase the subject properties ARV as fast as possible.

Further enhancements included constructing a back deck and repainting the interior to modernize and enhance the home’s appeal.

You are renting a home and not just a house.

I would like to pull out equity from the homes to build either a house on each or an ADU (they are zoned multi-family) depending what makes the most sense on returns and what is feasible.

Class B- midway between Class A and C, school are decent but may or may not be highly ratedClass C - lower purchase prices, schools aren't usually highly rated, higher crime, lower income tenants and homeowners, mix of well maintained and badly maintained yards, streets have run down cars, some homes with boarded up windows, mix of renovated and older homes.

You should look for an "investor-friendly" PM company that knows how it is just dipping your toe into the water of buying a home/condo/townhome.. 

I have a home in Flagstaff, AZ that is on 2.5 acres and backs up to undeveloped state land. 

You have to have exit values of single family homes high enough where build cost can work.

Additionally, it’s perfectly located with close proximity to both the ski slopes and downtownI received an email directly from the seller saying: 'I have changed my mind about the sale of my home and would like to terminate the contract.'