To reduce taxable income, focus on maximizing deductions for expenses like materials, labor, and interest.This post does not create a CPA-Client relationship.

This eliminates ALL the interest on that property, and uses the monthly payments you were making on it to help reduce the debt on the other quicker. 

I focused renovation on what could be done to preventatively to reduce maintenance when the unit is rented.

If you're talking about building an interior wall to create a bedroom, this could work so long as you aren't significantly reducing living space compared to the competitive rentals. 3 bedrooms with a tiny living area could cause problems.

Novations open up the MLS and conventional financing, bringing in a larger pool of buyers and reducing competition from other wholesalers.5.

What measures can I put in place to reduce my risk as a landlord?

If the area is seeing revitalization then updating the units might help reduce turnover.

VA Cash Out refi's must demonstrate a Net Tangible Benefit to the veteran, strictly defined by VA, to do one of the following: eliminate PMI, reduce the rate, reduce the term, reduce the payment, increase residual income, renovate or repair your primary residence, convert from ARM to fixed rate, or stay below 90% LTV. 

The house was on the market for a few weeks, I submitted my offer after the seller reduced the price to $24K.

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.