House hacking you can do the improvements and write all expenses off.

You can write off your taxes and insurance plus any improvements you make. 

Maybe increase the perception of value with some light landscaping in flowerbeds.Ultimately you have to “win” in the eyes of an appraiser so whatever you can improve to accomplish that will help.

Refi will cost you $$$ and you may need the cash to continue improving the property or paying more taxes if the reappraisal increases your tax base Also you may need the extra cash if a tenant can't pay rent. 

The numbers would still cashflow with one of the three units being owner occupied (vacant), and was thinking of doing AirBnB for my unit while away at school to help improve the cash flow while I'm gone.

It makes a big improvement for not-a-lot of cashola.  

When you are buying a rental that needs updating, you want to make sure you don't over improve it. 

Rent increases and dropping MI would improve the the performance over time. 

Joseph,If the land has not been improved and it is owned in your name, you may have coverage under your personal insurance (Homeowners, Condo, or Renters policy).

I believe (go look it up to be sure) that you must offer the tenant 1 months rent payment or 1 month of free rent at the end of the tenancy in order to terminate, and must terminate in order to 'make substantial improvements'.