We enhanced the property's value by investing $6,000 in targeted renovations, including necessary repairs and updates.

Unit A - 2 bed 1 bath, recently updated. - Listing this unit now for $1100 with a $50 water fee. 

Of course, I'm also asking for updates to the project and he keeps telling me he'll call me with an update.

I have contacted a few local properties to see their occupancy, and am using the due diligence period to see what their current occupancy and ADR.

(In Baltimore City there is a mandatory 10-day grace period and in Maryland the max late fee you can charge is 5%.)

However, they told me that I have to rezone my property as commercial and that I have to comply with a bunch of different regulations like updated landscaping, parking, etc.

Ohio law requires counties to revalue all real property every six years with an update at the three year midpoint."  

For the 10 year period spanning August 2014-2024, single-family prices in Austin nearly doubled, yielding an annualized appreciation rate of ~9.5%.With inflation nearing its 2% target and signs of a slowing labor market, The Federal Reserve is predicted to cut rates as many as three times before the end of 2024 (see here).

Is there a legal timeline to update current investors about a significant change in the investment?

Keep updating this as you get more experience.D.