This approach protects the investor’s capital and allows the project to continue operating and eventually regain value.3.

Unless you are incredibly confident in your reno assumptions, I'd recommend getting a contractor out there ASAP to give you an accurate reno estimate if you want to go that path.

I'm guessing that it will be something like 10% to 20% but definitely not 40%.The one caveat on this is that for bigger buildings, the assessment is based on income approach, not market approach so they may not be getting assessed as high as the market approach. 

I was leaning towards the honesty is the best policy, not least becasue it is the much more simpler approach and potential tenants don't feel like they are getting scammed or I have something to hide.I will definitely be doing the Google voice number during the leasing process. 

I suggest that you first identify your goals and decide on the approach you want to take.

I like Richard’s approach both as a coach but also as a human when it comes to life goals and etc.

Is this a reasonable approach or is there a better one out there?

My initial thought was looking into the best approach (if any) with this lender to get one of these two specs at a discount which would get one of them off their books.

Also, an income stream is something that is likely to appeal especially to folks approaching (or already in) retirement.  

During solar peak time, the CAISO market also routinely sees generation from renewables exceed the total grid load, which is quite incredible.