And, the longer you wait to act, the longer the squatter stays - and even gains some legal protections to stay while your waiting on a slow court system to act on an eviction. 

I'm trying to learn and gain confidence for when I'm ready!

Adding a 1/2 bath, new roof, central air or other typical improvements will increase the value of the property. 

Whats a typical multiple for such asset?

Also Chip and Joann Gaines and put this town on the map with their show on TV.

As someone who runs a SEC qualified offering, reading your post and the comment:" redemptions won't resume until all distributions have been caught up"Typically, when redemptions are being withheld that is not a good sign.

The cost of a cost segregation study varies but typically ranges between $1,000-$15,000.

And if you convert it to a rental you’ll be facing a $200k taxable gain. 

Issues 1) even garage conversion ADUs in single family zoned areas typically cost more to build than the value that they add.  

It'll be easier to start with a turn-key property, but if you have a good contracting team, a value add will typically offer better returns.