However, if you are doing cosmetic renovations (paint, floors, countertops, etc) you do not need any forms...just keep track of your spend to share with your tax guy at the end of the year. 

I would be focusing on cleaning up bookkeeping, communication portal with client, vendor list management, payment processing, etc. 

The building has two units per floor with the top floor vacant.

Most basements get water in them at some point in my experience and I see “inadequate drainage”, “negative grading”, “recommend extending downspouts” etc. on most inspection reports.We had a property with a humid crawl space basement and set up a dehumidifier with a hose coming from it to a floor drain so that we didn’t have to keep emptying it’s tank all the time.

We added value by re-doing the whole house, installed vinyl floorings, rebuilt 2 and a half bathrooms, re-painted the whole house, replaced all the hardware in the house, installed new lighting, ceiling fans, re-painted the kitchen, and completely remodeled the upstairs.

Been at it for 5 years now, and absolutely love it, a lot of kitchens, bathrooms, floors, a few decks, and a couple compete basement finishes.

Some sold them for a dollar.The large 3/3 or 4/3 top floor units had assessments of 500k or more.

I want to avoid holding costs with him holding onto it while we renovate, but how to I make this as clean as possible?

The building has 4 floors, or 5 if we count the attic.

But if you allow tenants to have pets it is not maintenance free and needs to be cleaned/sprayed down etc.