Current occupancy is 93% and when units become vacant we will perform a unit turn upgrade program including new flooring, painting the cabinets, new hardware, new lighting, new ceiling fan, etc.

From simple cleaning to cosmetic upgrade and fixtures no major mechanical work.Price Range $100k-200K with 20% Down PaymentProfit- Looking to make $200/mth per unit on mutli or $300 on a singleMy co-worker and I work in NYC commercial construction for supermarkets.

Installed new kitchen with granite countertop, new roof, new LVP flooring throughout, upgraded electric panel, and new paint.

Im not sure what you mean by rent based on ARV, except that yes, I think that renovation/upgrades are required to get that rent. 

I recommend reading this article that compares an LLC to an Umbrella Policy and which is best based on specific scenarios:https://www.apartments.com/ren...Other ways to minimize risk as a landlord include:Maintaining your property; if it's broken, fix it. 

I’ve thought a lot about both approaches but the property I am thinking of fixing up is in the family and is technically not mine yet and aside from needing upgrades it has other problems associated with it.I am currently living in the property I've made some upgrades to the kitchen, bathroom, exterior and interior paint and I’m paying $500 rent that goes towards taxes.

Roads are in pretty rough shape as well as water and sewer updates, which is common with relatively recent upgrade requirements.2.

How are you going to prove that before a judge who is asking you, quite reasonably, if you are wrongfully using your tenant's security deposit to pay for a new tile floor and upgrade the property?

Trashed parking lots, broken fences, missing awnings, broke windows...

Gotta make sure you're not increasing rent drastically and if you are make sure the place looks upgraded.