My spreadsheet also includes FMV of every property so I can monitor appreciation, year over year comparison of tax & insurance increases, current rent & last increase & last amount, etc.

If you're going to make a lot of changes, I recommend consulting an attorney to ensure you're updated on the laws.

For anyone considering this, it’s probably worth consulting with a local land-use attorney or planner to navigate the specifics and make sure you’re maximizing the opportunity without running into red tape.

I hear it all the time in consulting calls.

Consult a CPA or advisor experienced in self-directed accounts to ensure compliance and maximize benefits.This post does not create a CPA-Client relationship.

Ultimately, consulting with a real estate focused accountant is the move here, but this should be a helpful primer.

First, think about asset protection and consider whether holding your property in an LLC or similar entity might provide liability advantages—consulting a real estate attorney can clarify your options.

Quote from @Steve Lehman: @William VreelandAs a local Indy Investor and RE consultant I have been flowing the IHA development closely to see what kind of developments have been happening.

I'd definitely consult an RE attorney who is versed with dealing with these. 

I now monitor the owner's equity, return on investment, and other factors and then proactively reach out when they are ripe for selling, exchanging, or adding doors.