You mentioned capital improvements, would this be similar to an upgrade rather than fixing AC or replacing water heater etc?

Knowing where you want to go begins with knowing where you are, and with that in mind I reached out to a national bank just to see what kind of mortgage I could qualify for and how I would best improve my current situation in case I needed to use conventional financing.My credit score is mid-700s, about $15k in consumer debt (which is coming down).

We buffed the floors (rented the buffer at Home Depot and got a buffing 101 lesson on You Tube), painted the walls, got new socket plates, new appliances (fridge, dryer, washer).

They can't explain it all to you but you can find so many resources both here on BP and just by googling or even searching Youtube. 

A few specific concerns would be the length of the lease, the credit strength of whoever signs it, the strength of the tenant's business, and any rehab or Tenant Improvements (TI) discussed in the lease. 

All need improvements ($5k-$10k/ unit) and rent can be increased substantially.

The main reason why homeowners opt not to pull a permit is because building improvement will increase property taxes.

Funded property improvements with cash-flow from the building.

All improvements completed with cashflow from the building.

If you raise the rent every year, do you always need to fix something small on the property to justify you raising the rent or every other year you dont have to improve something and just tell tenant raising rent for the cost of living or property taxes or insurance that went up.