You might spend between $5,000 and $20,000 on furnishing the unit, depending on your choices.

how much do you have available to spend on renovations? 

Hi JamieAre there any specific areas/markets where you will work with investors to include additional properties as part of your inventory?

Additionally, is it reasonable to request the current leases and what I believe is called the rent rider form (please correct me if that's not a real thing) prior to making an offer?

At the current price, adding the additional lots would make them about $30,000 per lot, depending on the price of the additional utilities that need to be added. 

Additionally, checking local listings on Zillow or Craigslist can help fine-tune the rental rates in that specific area.

One thing I did note is my insurance is $3K a year lower due to the monitored fire suppression system in these larger properties versus my smaller properties that sleep 12 or less built close to the same time.As someone who has lived in Illinois twice, the politicians there don't care if people burn as long as they can tax and spend. 

Also, make sure there aren't additional restrictions on the property condition, compared to a conventional loan. 

Get a side gig for extra cash flow, stop all extra spending and live like a monk. 

I charge fees that create additional income.