Garage already has its own door entry and windows on each side with 2 solar panels on the roof.

Check when the roof was replaced and the age of the mechanicals too.Good Luck!

Is the lease NNN or is landlord responsible for roof, HVAC, etc? 

Needs a new roof, kitchen, tree removal, and possible new sump pump.

On the surface it may look like all you have to do is put up walls because there is probably already a roof but what you are thinking can require work not only to tear down the existing but rebuilding all the way from the foundation and including at least one wall typically from the living room, not a good idea.

View report*This link comes directly from our calculators, based on information input by the member who posted.Thank you in advance for your thoughts on this potential purchase.  6 of 8 units have been upgraded and new roofs on each 4 plex in 2017.

It had been empty since it was purchased in 2017 as the owner purchased the home for his father and made updates (new HVAC/water heater, bathroom fixtures, flooring, kitchen, also a new roof was put on in April due to hail damage).

Surely removing a homestead exemption won't cause that unless (1) property tax rates are through the roof and (2) home valuation is extremely low. 

It is in a good neighborhood and, looking at the exterior of the property yesterday, the roof/stucco/exterior is in excellent condition. 

You could have windows to replace, roof, siding, sidewalks, underground utilities, dead tree removal or trees to tall or close to buildings, parking lot replacement or repair, amenities to add or replace, etc.