In 3-4 years, you will not have a lot of equity in the home, so I'm not sure you'd want to refinance (if you plan on trying that, talk the bank because ending your mortgage before the term is up (ie 1 yr, 2 yr) comes with a heavy interest penalty (basically you have to pay out all of the interest remaining for the rest of that term).As for renting vs investing elsewhere-run the numbers as to what your payments would be if you bought a house including insurance and property taxes and repairs vs renting. 

A private driveway doesn't have to meet those standards, but also doesn't get public snow removal or public repair. 

How much capital is good to keep handy for repairs/emergencies?

She has stated that she will not file an insurance claim and instead expects my company to be responsible for the cost of repairs.

Use caution as an anything not functioning or highlighted for repair will need to be disclosed. 

Mortgage, utilities, maintenance, repairs, consumables, advertising, etc.

About 30k remaining in repairs, which I can either pay for in cash or take out a loan and pay off later with the 160k.

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

If the unit need any repairs, you may have to come up with that also.

I'm leaving out deductions for closing costs, maintenance, repairs etc.Say I buy a house for $300k, land value is $100k.