For example, if you are in a heavy bike community, maybe installing bike racks somewhere might bring some character to the property and it doesn't cost a lot.

I think that is fair to pull out the mastermind cost as a personal investment in my own education.

The best rates will be NonQM and lowest cost as they don't force a commercial appraisal for example.

Your 2 unit detached example will cost a lot more in utilities than $300 on average with current rates in Calgary, more like $500+.

The biggest downside to me of retail or industrial is that any vacancy is likely going to sit a long time, and cost a lot of money to fill (6% commissions to leasing agents on the full gross rent over the entire term and TI buildouts/allowance that can run into the tens of thousands and up).  

You now have $5k in unreimbursed expenses, and 2 houses; one with a $200k mortgage worth $250k (giving you $50k in equity), and; one with a paid off HELOC, value and mortgage unknown, but presumably with more than $165k in equity.You should also treat the $5k unreimbursed renovation cost as a debt and pay it back (even to yourself) accordingly.There is no tax due because not only did you not make any realized gain, but there was no sale. 

Don't just blindly look at the rate and cost as it may cost you more headache and an appraisal. 

The cities we narrowed down to: Long Beach, Huntington Beach, Cypress, Anaheim, Garden Grove, Westminster, Buena Park, Costa Mesa, etc. 

We are for example now looking at the Costa Blanca below Valencia and Alicante as a city with an international airport.

You had to looks at and confirm the lease terms (length and cost) as well as security deposits and so on.