Matt, according to my attorney a major rehab dictates that you put up your tenant in hotel etc., or if they move out you have to offer it back to them at the same rent rate as before. 

Basic supply and demand would dictate either supply rising greater than demand or a significant lower demand, or a more-likely somewhere in-between.

Is any of that dictated by my state/county, or is it whatever I'm comfortable with? 

Call your servicer to start the conversation, the terms are dictated by conventional loan guidelines so this will be what is applied:https://servicing-guide.fanniemae.com/svc/d1-1-01/evaluating...

But the basic economics of supply and demand dictate that prices weren't likely to do much but go up for awhile.

The common area language should dictate that personal items are not stored in common areas, it may also address maintenance of those areas, but you will need to amend it to address outdoor furniture and grills. 

The living trust would then dictate who would inherit the SMLLC and the interest in the property when you pass.

My region is experiencing a glut of sellers who think their property is worth much more than the numbers dictate.

check with your insurance agent.. also federal law dictates that when your owner occupying your 1 to 4 unit you don't have to follow the normal fair housing laws.. you can pick and choose who you want to live in the units .. now some cities or states may have overriding rules regarding this.. but federal law is clear.. on owner occ 1 to 4.. your exempt from fair housing.so you can have a dog and you could restrict dogs for others.there is a well known list of aggressive breeds that insurance companies wont insure.. this is easy information to get.

Any of the suburbs should be good candidates, the school district tends to dictate the desirability.