i think that would be cool if you were just flipping it, but might not be good to encourage fires by renters. you could put some stone pavers back there for a BBQ grill/hangout area though, that might be a little more under control. you could also plant some drought resistant desert plants along the edges. how big is the yard, it looks quite substantial.

In 2013 decided to try something new at a polyurethane plant in Alsip with my Uncle.

Add for heavy sanding and don't forget carpentry budget for siding replacement & patching.For interior paint:  Budget $1.50+/sf for texture, prime, paint. 

I’d rather park my cash or use equity built up in my rentals ( by doing cash out refis) to buy more rentals, and let all these trees I’ve planted grow over time.

(Worry #6, anyone who actually visited the property would see neatly trimmed grass and plants, snow was shoveled, trash can has recent trash, there are cars with clean windows and obviously used regularly, there are cats in the windows, lights are on, looking through a window shows furniture, etc.

Install the tallest possible security fence around the property and plant my side of the fence with 80 foot Leland Cyprus trees.

A barbecue, lawn furniture and small plants are the only acceptable items.

Can you paint the dirty border along the bottom white too, and disguise with some native drought tolerant plants?

The current texture is not in bad shape, just dated.  

Skyline was the first manufacture to learn how to do it right in their Oregon plant.