Numerous improvements and upgrades.

As it sits now, without making any improvements, its clearing the 1% rule at 1.35% (5 units at $380, asking $140,000).2.

Commercial property usually allows the tenant to make improvements suitable for their business but you need to set limits, establish an approval process, and decide what happens to the improvements when the tenant leaves.You can get by treating it like a residential but I highly recommend you learn how to run a commercial property and get all the benefits of that investment.

As crazy as it is to see Philly on the list twice, the crazier part is how much room there still is for improvement.  

We'll keep the property in the family and use it as a rental, with capital improvements along the way.

Appraiser will of course see your purchase price and treat it as a data point, best way to overcome that is to hand him a before/after binder that includes all improvements you've done to the property etc. 

The one that I'm sure I have a lot to improve on is managing contractors. 

Free and makes ACH easy.4: Good luck, stay calm, and there's never been a better time to learn this between BP and Youtube!

I would start trying to include her in a lot of your REI research such as, reading Robert Kiyosaki's book Rich Dad Poor Dad, have her watch Biggerpockets podcasts on Youtube with you, start having her more involved in your finances.

You need to review the PM contract to find out.Moving forward, it is wise to have healthy reserves for capital improvements.