Do just enough to get it rented and cashflowing while you work on your wholesaling biz or improving your credit.

Depending on what you are looking for e.g commercial/small multi, SFH and flips the other realtors on this thread could be a better fit as I am pretty selective on the clients I take on but my staff works with investors at every stage of investing from their first rental to ground up new construction.

Take that amount and add capitalized improvements and subtract depreciation. 

When these scenarios come up it is usually best to try and identify a way to leave the meter in place and install your improvements so as not to impact that facility.

Which type of improvement contributes more to the land.

Doing this leg work up front with drastically improved your communication and relationship with the agent.

Not in a position to start investing yet-waiting to be in a position of financial strength, but want to learn as much as possible about RE Investing and my local area while improving my financial position. 

Bigger the project, the bigger the budget for improvements

I am actively growing and improving my properties along the way.

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.