We are now working with our PM and getting estimates for mechanical updates to provide a better experience for our residents.

As a landlord, you are generally responsible for mechanical repairs. 

LOMAs, foundation flood vents, fill, raising mechanicals and other methods can potentially save a property owner thousands annually.

There is value to that I suppose, but that's only the mechanical side of the business. 

Hey, he's only got a half hour to size up and finish a house.That's how he can look at a room and say $10K in 15 seconds.Those shows are a lot of BS and don't really address the mechanics of a good/bad deal.Besides his wife left him, so he's not that great a success (actually watching the wife he got lucky if he got out cheap.)

There are only two reasons that you really should in your case. (1) If you are going to drive your own outbound off-market marketing to the website and want a receptacle for incoming leads. (2) If you want to use it as a pre-vetting mechanism as you go buy more properties.

@Shawn Patel - What do the mechanicals look like? 

You have no experience, period, any more than driving a car qualifies you to be a mechanic or an automotive engineer.2.

It would seem obvious that the 2nd would eagerly pay off the foreclosing first, but I'm unclear on the mechanism to do this (aside from just sending the mortgage company a check), and wondering how they eventually get reimbursed?

Are you permitting the rest of the three unit conversion, because if so then it seems this would have come up as part of the mechanical plan check?