I self manage 8 properties in Florida and I think we are doing pretty good but have much room for improvement and growth! 

Is there a chance that your property could appraise higher in the next few years with market appreciation and/or improvements?

If you are close to the end of leases - you could use the improvement as justification for an increase and an incentive to renew.

Improving the comfort and efficiency of the building is part of the deal.That said, the bigger players in our area are not quite there yet - most still seem to operate under the mode of "unload utilities on tenants" to improve the bottom line.  

You don't want to let a tenant do any improvements either as that establishes more equity.

Him and his staff were easy to work with and knowledgeable.

However painting and property improvements would be added to your cost basis.

You are required to apply depreciation and capitalize repairs, if you didn't pay for the costs, and report the costs or don't report the costs, it's a false return, if you claim the costs of repairs or improvements, and didn't pay that cost, it's fraud!

While my current financial situation is improving, I do not currently have the ability to jump on a deal should I find one.After explaining my plan to a close friend who also lives in the Chicagoland area, he told me he is interested as well and has up to $40K to invest.

Prudential regulatory standards for non-bank mortgage servicing companies would help achieve the following goals:  Provide better protection for borrowers, investors, and other stakeholders in the occurrence of a stress event;  Enhance effective regulatory oversight and market discipline over these entities; and  Improve transparency, accountability, risk management, and corporate governance standards.