I am trying to maximize what my business can pay for while reducing my personal income tax.

My cost to operate using their current expenditures (which I have intentions to reduce) would be at $400,000 conservatively. 

Are there ways to reduce premiums without compromising on coverage?

As a first-time investor, you might find it easier to start with properties built after 1975, as building codes improved significantly around this time, particularly regarding wiring and plumbing, which can reduce the number of surprises and costly repairs.

Hello,I'm looking for a little advice on which debt I should reduce.

You could adjust the scope of work in another way to reduce the costs to compensate for this addition perhaps by using a cheaper flooring for example.

It may reduce the payments.

Hybrid StructuresYou can also blend some of these terms to create more flexibility: Monthly Interest + Lump Sum: You could pay a reduced monthly interest rate (e.g., 5%) and offer a lump-sum bonus (e.g., 3-5%) at project completion.

Lots of newer neighbourhoods have detention ponds built to reduce the amount of water going into the storm sewers during storms, so I wouldn't worry about it. 

Insufficient reserves result in vendor bills piling up, value-add strategies running behind schedule, and returns being reduced, so it's important to have a clear picture about how well capitalized or undercapitalized a deal is so that you can truly assess the risk.