I am thinking about doing going big or quick and easy...Option 1: "light rehab" of paint/cheap floors/etc.   

Potential for BRRRR strategy to renovate kitchens and bathrooms (20-25K) in future and would like to transition to electric heat and have tenants pay their own heat and lights in future. 

Can someone shed some light on these items? 

I've been debating to turning it into condos, but don't have much insight into establishing an HOA or anything of that nature

What i'm struggling with is whether it's worth trying to do a non-recourse portfolio rental loan that combines all these into one loan. advantages are mainly that i get to wipe off the recourse nature off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually.

What i'm struggling with is whether it's worth trying to do a  non-recourse portfolio rental loan that combines all these into one  loan. advantages are mainly that i get to wipe off the recourse nature  off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually.

While you’re at it, you build the streets, the street lights, the sewer lines, the required community green spaces, and you take care of them for the rest of all time.

Clean up, do repairs, secure, add exterior lighting, add cameras, add fencing, spend the money to ave your investment, whatever is needed to make the subject safer, desirable, and cost effective.

Can someone shine some light for me!?

The dip in he economy will cause a natural dip in housing prices.