I did all of the work myself and know the ARV's in the area pretty well so that helped. this is like my 8th deal and I analyzed deals for like 3 years before I bought my first property so that has gotten way easier.

I'm use to a move-in inspection documenting the condition of everything at time of move-in. 

You really should talk to a CPA and show them the details of this property and how much depreciation has already been taken on this property. 

This will allow you to mitigate risk on the first property but also allow you to do a cash out refi on the second, so now you have access to tax free cash that you can do with whatever you please.

This is how I would go with your projects. 

Private (hard) money might help with renovation but will be pricey.

Can you keep up and afford to have your lawyer update your documents?

Is there Anything I can do at this point?

I've got a lot of problems with the Mayor, but this, I feel was a great move.

This establishes the legitimacy of the arrangement and protects against audit risks.