While I do maintain a relatively modest percentage of my assets in money market instruments, corporate debt funds, and high dividend stocks, I remain most comfortable with the investments I specialize in and know best.  

Someone local who has familiarity with this would be your best person to give you the information you requested.

I would choose the strategy that best fits your strengths (unfair advantages) and what the market in your area demands.

Thats why you see very few HML that were in business prior to 2010 to 2011..

What would be my best route to take if we need additional finances?

A sq ft price is just to get in the ball park and not very accurate at all.

Somewhere in the middle is likely your best bet for a 20 year timeline.I have almost 50 units here myself and that's about what my portfolio is cash flowing at this point combined LTV is around 65% as loans have gotten paid down and values have went up.

Seems like it is best to go with what is written in the will - split the estate and he gets 160k extra.

Building departments, typically, are very helpful. 

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.