Was he b.s.ing or is there some kind of knowledge I have yet to learn about first mortgages?

I grew up in Mitchell and have been to Washing many times.I own several rentals/rent to own assets around there as well.I love the small & rural communities to invest in.  

Clean up exterior, freshin up exterior paint, put ownings on, do easy maintenance landscaping, add a coin operated laundry for additional $100 per month at $1.50 for washer and dryer each, increase rents in between tenants or at anniversary dates. 

:https://www.biggerpockets.com/forums/52/topics/680...Without providing a laundry list, I think the theme is to tackle the wear points and troubleshoot the individual unit.For example, start at the door (door mat to catch debris, good functioning new lock, perfect close and open, door stop) and work through each room with that level of detail ( example: Bathroom: new shower curtain, bath mat, caulk, new toilet flapper or overhaul kit inside, strong towel bars, etc.)I would focus first on the low cost items that can prevent larger problems (your doorstop type theme) and then also evaluate any larger item close to the end of its useful life, especially if showing signs of problems (be it hot water heater, worn flooring, or an appliance). 

The whole house is being gutted, washed from top to bottom. 

Have a cpa/accountant walk you through.I personally have a laundry list but I thought this would get you thinking.

At the end of the day we were left w/ a gutted unit that is being used as a storage area/laundry room. 2 years ago we re-fi'd into a conventional loan to lose the PMI.We recently looked into converting that storage space back into a unit & we have a path forward, but it would require a zoning change.

For example, I might want to look at things that I can depreciate (roof, washing machine, etc), as well as things I can deduct.

I asked him what his hold back was. He

Is there any way or device that can turn ordinary laundry machines into money operated such as a special receptacle, etc?