There are more pros and cons but those are usually the main ones people mention.

A unit would come open and he would buy what he needed for that one, which makes alot of sense but seeing other have a different way.My main project that got me thinking about this was  to replace all the shower heads since I provide water.

There main goal is to defer or eliminate taxes due - they do not need the current income above replacing their current cash flow of about 40K per year. 

They only lend within certain states (mainly the NorthEast). 

We sell a course called the   " Ins And Outs of Leases" if you are interested.No matter where you get your lease join your local REIA to find out what others in your area are doing.PLEASE consult an attorney who works in contract law / Leases and have them review your choice. 

I know there are smoke and CO detectors on the main floor, I don't think there is anything upstairs. 

I think your gut is telling you that that betting on appreciation as your only out is not the wisest choice. 

“Mainly what is the best investment you currently have on YOUR books?”.

The main level has 3 (small) br and 1 bath. 

Not so much for tax reasons, but just for an overall investment/savings with the goal to pay off our main residence as soon as possible.We only have 9 years to pay off the 15 yr mortgage on the condo, which is the rental.