There’s a considerable amount of traffic and disturbance at times during the day but once evening comes it isn’t an issue. 90% of the people that use the parking lot respect my two parking spaces and don’t park in front of my house.

It's best to use the same paint brand/color/sheen as much as possible so you can keep leftover for touchup.Light fixtures: Make sure they have easy-to-replace bulbs and are bright enough for the space.

I plan on stating in the lease absolutely no space heaters as they draw a ton of amperage.

I always engage qualified legal and accounting professionals prior to transacting in new spaces or employing new strategies.

Has its own kitchen, bath, laundry hookups, little yard and living room space.  

This space is located on a "somewhat" busy street, a good amount of commuters drive by daily getting to the highway.

Other than lowering my DTI ratio (which is what I'm focusing on now), is there another way to realize that equity or am I stuck with dead equity until I can get that ratio to a better space?

This is one of the BIGGEST reasons people fail in this space. 

Dee - As a newer investor, some of the options using "Agency Debt" (aka Fannie and Freddie financing) may not be available to you as they require 2+ years experience in multifamily space.

I believe this social media post summarizes most who entered the multi-family space as syndicators in recent years.