Is that a correct assessment?

While there are some nuances here, the basic premise is that an Admitted Carrier submits their forms and rates to the state for approval.

(aerial measurement).The renovation list is pretty long—roof, HVAC, windows, full interior updates, electrical, plumbing, landscaping... basically a full gut.

You basically have "Growing but no cash flow" or "Stagnant growth but good cash flow". 

As a newer investor it's simpler and better to focus on the basics until you have more experience.

Now, I'm not an attorney, so I'm basically mansplaining something that I am not qualified to comment on.

Basically concrete culverts turned sideways into the ground. 

You'd basically be doing it entirely new.   

Being the military, it had that definite institutional overtone to it, but the basic premise was the same.I recently toured a new senior's complex in which on end - for those who were still relatively self sufficient - had individual units (bedroom, sitting room / kitchenette ... effectively a bachelor apartment but without a full kitchen) clustered together in groups of 4 with their own common room / kitchen and courtyard.On the other side of the complex were units for those who required more assisted living.  

The important thing to know is that you basically have to meet all of the qualification criteria for a typical commercial real estate loan from a bank -- EXCEPT for the down payment requirement.