Quote from @Jaycee Greene: Unless you already have a capital reserve fund that will pay for unforeseen, major expenses, like a new water heater, roof, or A/C unit for example, I'd keep the profits in the account until it can cover 6-12 months of operating expenses.

But it should only be attorney cost, the deed and recording fees (few hundred) , maybe a final water cert.

Are there separate gas, electric and water meters for each apartment?

Improve the grade if water flows toward or pools near the house.

Bonus is I am getting new HVAC, Furnace and hot water tank. 

Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

under mount granite or quartz counter tops.. water closet  heated floors ..

You mentioned that you've been paying water / sewer for all 4 units. 

By improvements I mean that there is power, water and sewer/septic installed and working.