Looking my insurance policy it mentions that I can opt for settlement under Actual Cash Value vs Replacement Cost. 

Here's an article with FAQs including the cost of a study.

I am doing my best to accommodate and fix the insulation as well as see if there are programs in place to lower the cost. however i want to be firm with tenant as they are not compliant with paying rent because of the cost of the utilities.

In my opinion it would be cleaner to split partnership based on monetary contribution and then remunerate each active party for their work if the active work is more on one partner than the other.

This is has BK written all over it with monetary wipe outs..

Reasoning for asking this is that it could potentially be a beneficial long play on acquiring a property through assumption, and as we go down in interest rates, utilize this monetary benefit to refi as it comes at a mere .5%.

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

@Henry T. its like despite what these policy makers do, housing costs and homelessness sky rockets.In NYS the HSTPA got passed.  

Also, what are some other low cost amenities that I can add to my STR that will yield a higher ROI?

Seems like it's in a lower end area so if it is filled you will have tenant issues and turnover cost.