You really need to define what it is that you can do to this property to increase it's value by 50-60K for less than 5K of rehab.

Depends on how the height limit is defined.

I'm guessing, you're talking about the asset management component. 

Check this out:https://danielkayhertz.com/2019/05/15/out-of-state-college-graduates-help-define-chicagos-north-side-zone-of-affluence/?

That way they have not paid current rent and you can definately evict for non payment of rent.

Even though we do a pretty good job trying to get very defined leads for our BRRR strategy, we get many leads that we feel we could monetize using some of the instruments i have heard in this Forum.

Part 2 will delineate the calculation of the ratios.Proforma AnalysisThe basics of a financial model or “proforma” for a development project:Income and ExpenseConstruction Period Cash FlowInternal Rate of ReturnIncome and Expense AnalysisOn apartment deal underwriting or financial analysis, we’ll first break it down very simply for you to gain an understanding of the fundamental components of income and expense analysis for an income producing property.

There are a lot of scenarios that define a "distressed seller", but getting involved with all of them without systems established, will stress you out. 

Also, how exactly should I define the color scheme?

What systematic components would be necessary to make it truly passive for this person, so that I could still "manage" the portfolio if decisions needed to be made?