This will allow you to enter the market earlier with funds saved up.

@Naresh Yegireddi you also need to look into the locations of the building and general ability to re-tenant when then eventually leave or go dark. 

You were not afforded a reasonable (in most states, 30 days) amount of notice to re-market your property. 

Quote from @Gregory Wilson:As for the second, there are only about 20 monetary numbers to be entered in Turbo Tax on a single unit rental property 1065 so it always seems to me that the $3500 would be better spent elsewhere.

I am new to RE investing and looking to learn especially about property valuations.

Our lease doesn't say anything about re-measurement and therefore there is no window.

Unfortunately, we don't qualify for RE professional and this is a long term rental.

A hands-off garage conversion ADU is over $100, even doing much of the work yourself, it will be much more expensive than your estimate.Single ADU additions in single family zoned areas are typically one of the worse re investments. 

Eg (making up numbers) if a fridge lasts for 15 years, and they break a 10 year old fridge to the point it can't be repaired, you can only charge them 1/3 of the price of a new one as it had 5 years left.For the keys, if the ones she gave you don't work for the new locks, then charge her for a locksmith who will come by and re-key all of them. 

Many experienced RE attorneys should likely already have something similar to your needs that can be amended to suit your business.