I also am aware that we are increasing our net worth through real estate, but we are paying so much in taxes and cannot claim the renovations or improvements on the properties we own due to our income.   

Access to Cash Value: A properly structured permanent life insurance policy (like an IUL or whole life) can build cash value that you can borrow against for property acquisitions, renovations, or even as a safety net during market downturns. 2.

Often, it will also need work.So, that is causing investors to lower their standards and buy Class C & D rentals.Problem is, most investors apply Class A assumptions to these Class C/D properties - and then blame everyone else when they don't get their "expected" results.Check out copy & paste info below for more dtails:------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

It would cost a lot to get the planning approval and do a complete renovation of the 2 units.Can anyone suggest what would be my options at this point?

Your ARV and your renovation estimate will dictate if your pricing makes sense.

I can update flooring or touch up the kitchen, but no roof, plumbing, HVAC renovations.

Most of the time, it should take 30 days or less if the property is properly renovated, marketed and priced.

Some thoughts that go through my head......Who do you contact to get current values, after renovation values to see if this process is even worth it? 

This allowed me to control renovation costs, streamline operations, and accelerate my investment growth.

Do these renovations really need done or is there a more economical approach?