@Alex FreeloveArms length is when you're complete strangers and have no business interests (like employer/employee).Non-arms length is like buying from a family member or someone a business interest.Non-arms length sales below market value can be scrutinized by the IRS for equity gift tax by the seller.On the opposite end of the spectrum, non-arms length transactions are also an issue if the seller is underwater on the mortgage.FHA also has some LTV limitations of 85 percent maximum for identity-of-interest transactions on principle residences.Friend to friend is probably a non issue,  but it could come up.

Though keep in mind that no two lots are identical and you'll have to adjust for the tangible differences and the intangibles.The other way to do it is to determine the lot's "highest and best use," and then work backwards from the ultimate value of the property given its highest and best use, subtracting out the hard costs, the soft costs, the builder's desired profit, etc. 

There are three identical units.

It's changed quite a bit since I left, I wonder if more malls will be re-purposing their identities with the anchor store problems we've been seeing.https://en.wikipedia.org/wiki/100_Oaks_Mall

I went with a conventional 30 year loan in an LLC, my PITI is 1050, tenant pays 1600, it appraised for 143k which I think is low since the identical house next door sold for 170k (LESSON LEARNED - always be very conservative with the appraised value.

EXERCISE OF OPTION:Optionee may exercise this option during the option period by:5.1 Signing escrow instructions identical in provisions to those attached as Exhibit A and deliveringthe instructions to escrow.5.2 Depositing cash in escrow of $_______________; and5.3 Delivering an escrow-certified copy of the signed escrow instructions to Optionor within the option period,in person or by both certified and regular mail.6.

So for example, if there were two identical homes inside and out that are rent-ready, what extra improvements could I make to the one I'm looking to rent out to bring in $50-$100 more per month in rent?

I really don't want properties in my name, rather I want the control of them but with the masked identity behind them.  

Our landlord tenant protection legislation is identical to Massachusetts in regards to the 14 day notice and the length of time it takes to evict and we can not charge fees. 

I'd bet a house that the thickness of the stucco on both side of each piece of trim is not identical and most likely will have a raised edge of the color coat that will need to be knocked off once the trim is removed.