In my experience tenants don't make the distinction between hardwood and nice laminate in ~$1600/mo units.

My apartment complexes are properly leveraged with commercial loans and as long as my LTV and DCR are both very strong, refinancing, 1031 exchanging, or deciding to continue for another 5 years, of course with my bank's approval, is a distinct probability.Swanny

@Chris LopezYes, an important distinction -- "valuable."

One of the distinctions is the team the assembles/frames the project is one of the team members (no learning curve).  

The very  important distinction is my opinion is whether someone implies they are on the same side in the negotiation vs opposite sides of the negotiation. 

@Will Stahl There is also a distinction between what is legal by state real estate laws vs what is allowed on the MLS.

Adding on a huge thank you to @JoshNix for kindly talking me through some beginner distinctions and helping me ascertain my goals. 

Typically runs a few hundred buck each year.Regardless of your flavor of Kool-Aid, global warming is real and insurance actuarials calculate the probability of flooding. 

@Jess Anderson, When you split the property into two distinct properties you are creating two properties. 

It's not a perfect analogy, but it gives the flavor of what happens in a rental: the vast majority of houses don't burn and most people don't need emergency medical attention every day.