Is the project a Class B value-add with minor improvements to reach B+ /A?

Biggest value adds, from what he said, were increasing square footage, and then improving the kitchen and bathrooms. 

They tend to be pro-active towards community development and local housing and making improvements to buildings that will help improve neighborhoods.

Don’t discount the expense of improving it with septic, water, and power.

Since I've only had this property a short period of time, should I claim depreciation to improve the cash flow after tax or refrain from doing it? 

If you move out and turn it into a rental, you can always refinance and/or extend the mortgage term to reduce your monthly payment which is what I've done to improve cash flow.

Nice job on the rehab and an improving are.

Tennats should never be involved with repairs or improvements.

This could have improved your chances of getting the seller out on time by 95%.

It provides Liability and you can insure Improvements & Betterments (parts of the building you own), Contents, Loss of Rents, etc.From your Bylaws you can determine what the Associations is responsible for and what you are.