I agree with above comments that a property manager needs to be properly licensed and have a signed management agreement with the owner of the property. 

The modest purchase price, combined with an ideal renovation budget, presented a prime opportunity to improve the home’s market appeal.

And in many cases this may be warranted as health and safety issues may be present.  

Present the existing tenant a PDF with all of the rental comps and Rentometer printout showing what the market rent is.2.

In general, if there's nothing in zoning or the deed restrictions prohibiting the division of the property, it's mostly just getting it resurveyed and presenting the new subdivisions to the local government (county usually) to have each lot recorded as separate parcels.

@David Cherkowsky, I'll just comment on the value of depreciation and leave the rest of it to a tax expert.

I can't comment just yet because I'm not completely up and running but they have had the best support out of anything I've tried before.

According to the roofers, the shingles have lost their granules Please let me your thoughts on whether I should replace or repair the roof, especially if you know that area well, but all comments are welcome!

@Jaime RamirezYou should share the listing so we can review how it is being presented.  

Appraisers are not going to add value for something that is financed or leased, and if you're the only house in the radius of comps with paid off solar they won't have any comparisons to derive value from it.In the end it is really only advisable to pursue if you're going to own the home forever....while it is nearly impossible to determine if you'll own forever or not regardless of present circumstances.