You probably realize that there's a whole other component to building wealth...time.I'm guessing you don't need the money, so why does it matter if you lower your rent to still pull money in for your rental?

I would imagine anything that is a structural component (required for proper home function) that requires periodic improvement.

In some "blue states," it takes months of meetings, permitting, and environmental studies before you can even break ground. 

Specifically are there environmental shifts that might be happening in the area?  

The real components you're going to want to focus on are either maintaining or, even better, raising your credit score, having the sufficient funds to make the small down-payment plus any closing costs, and your DTI (debt-to-income) ratio, which I believe is currently still 31/43.

@Roy N. broke it down really well.It's not just financing but countless other costs with what's considered commercial dwellings (6 or more units), environmental, insurance, etc.Feel free to DM me to go over some options for residential, and depending where you're located I can likely find you a really good commercial broker. 

This property was built in 1970 I'm assuming along the way some components  that will give out and thats fine I'm okay with that.

Some other things you should do:SurveyPhase 1 environmental inspectioninterview current management companyinterview potential management companies and ask their suggestions on how they would manage the property.

I have an engineer that travels across the country for me and does a site inspection, environmental phase 1 study, and a cost reserve stable.The cost reserve stable is where the inspector looks at all mechanicals and other vital systems to the buildings including roofs etc. and then models out based on when they think those items will reach life expectancy and need replacement.

I submitted my application on May 4.Fast forward to 6 weeks ago, I got a call saying they needed to do an environmental study for one property, as the appraisal mentioned a prior gasoline spill near the subdivision.