Through renovations of the apartment units and recently executing a lease for the restaurant space, by the fall my rent roll will be increased to $29,600.00, My total costs will be $2.85M, and anticipate stabilized valuation to be $4M and is a true trophy property I will own with my capital partners for years to come. 

Managed and renovated entire triplex in a newly revitalized area.

The Tenant Class greatly impacts rental income stability and property maintenance/damage by tenants.Both Property Classand Tenant Class affect what type of contractors, handymen and property management companies will work on a property.If you buy & renovate a property in Class D area to Class A standards, what Tenant Class will rent it?

I have a HELOC open on my primary residence to fund any renovations.

If the zoning won't allow it, then it would be a waste of money to continue with the renovation.

The same thing applies when renovating a basement and adding bedrooms/sqft. 

Quote from @Polat Caglayan: 1500 sq ft and a mid-level renovation that complies with section 8 standards I would get a contractor out there 

A professional home inspection can help you avoid costly surprises by uncovering potential issues before you buy, renovate, or rent out a property.Key Areas an Inspection Should Cover:✅ Roof – The home's first line of defense.

Also a ton about it here https://www.biggerpockets.com/blog/renovation-toolkit

Also Mid-Term Rentals to traveling professionals, people displaced for insurance reasons, or doing a renovation to their home and needing a place to live for  3 months or more are also possibilities.