This is actually fairly common, and arguably an ideal situation - you have the property producing income on day one, but also have the option of terminating or altering either month-to-month lease. 

Its not the JUDGE,  its the plantiffs attorney who will argue you are the alter ego and sue you personally... you will spend tons of dough trying to get a motion in Liminee ...   

I don't have the experience to know if new furnace/water heater/windows/appliances would alter the appraised value to make this a rational deal under these circumstances.

I try not to speculate too much, but if I can alter my timing by a week or so to perhaps take advantage of extreme pessimism the day of bad news, I will. 

If you are thinking about making alterations that would decrease the value of the building just so you can borrow against it, I would seriously reconsider your strategy.

I won't bore you with details - but the cash-flow is approx $800/month after a few small alterations from my BP analysis were done for the JV agreements.Investor 1 - Gave me $10,000.  

Very difficult at best as if the Appraiser has any required repairs you will not be able to do them(It is actually a federal crime to alter a HUD property)Or are you just referring to the Appraiser on a USDA property ? 

@Marc Beaulieu There isn't a specific set of rules to determine what will cause a judge to disregard an LLC and treat it as an "alter-ego" of the owners.  

I'm asking these questions to see if I need to alter my property search.

I know there will be many variables through out my life that will alter my course.