My plan is to do my own renovation on the third floor apartment while I live in it, and then move into the lower apartment and do some needed updates/renovations to the bathrooms and kitchens while I reside there. ( all function fine but just need cosmetic updating).

Short of all that, you can hire a contractor to relocate the temperature controls to an inconspicuous location and disconnect the current control to become non-functional.

Besides the ones in default, there are countless others under the "moratorium" classification. 

Plumbing for three kitchens (one currently functional) and three bathrooms (two currently functional).

there is no “vote” function here.

The 5 biggest things to me, and in no particular order:LayoutArea of town (walking distance to anything) # of beds per unit average# total units in buildingBuilding typeSimple laundryAnd this is based on my experiences in Indianapolis area.Layout, are these function layouts or do you need to walk through a room to get to another room to get to the kitchen?

I still own numerous SFR rentals too.The answer to you question is 1) partially of function of the financial numbers and 2) how you value your time and 3) your particular skills and abilities and 4) capital available to deploy.One size does not fit all.

It would be tricky to get a refi with a 21 year old roof, but functionally it's still keeping water out and I patched a handful of missing shingles.By the time we put the roof on it and have paid off the HVAC from cash flow, we'll have also paid our partner back his 'extra' $4k he put in. 

I plan on adding some walls/closets to cure its functional obsolescence.This is not important for me personally since my family is small.

In addition, I have been told they are changing functionality from the tenant side to allow them to have live linking to their checking so this will remove extended hold times for rents paid to landlords.