If the existing loan/appraisal was done no more than 6 months ago, the appraised value can't be higher than what that original appraisal was...even if you improved it.

With a few improvements they could certainly raise the rents to market value and my step-dad could handle most of the maintenance and upgrades.  

Don't use your new income to improve your lifestyle with new clothes, a car, renovating your own home, etc.

It’s not like they do Improvements to your property, with proper authorization.  

It has overall been a good experience as they were there for some years and have been pretty grateful with a new owner whom is looking to improve the home and has more modern ways of communication/rent with cozy.

Maintaining the portfolio you inherited (visiting these properties and learning why they've lost value and how you can improve them will teach you so much more than just reading a book.

It was affordable, in a great location, and small enough to improve/furnish on a budget.

Be it adjusting the purchase price, improving the ARV, changing the financing, etc.

- If I want to make any improvements / renovations to the property and have to get permits, could those trigger inspections then a tear down? 

This would cover money for down payments, closing costs, vacancies, and improvements.