I have spoken with Quicken developers @ Intuit and they know about couple issues we found, but it is not on their top of the list. 

So, I will re-side, new roof, new front stairs, new windows, a couple dormers(to your point), build out a basement bonus room, and gut and rebuild the other unit all for under 300K?  

I owned a couple units at University Woods, which are a similar lay out and set up as the units at Lake Park. 

Own a $1.2m 4 unit in beautiful SoCal, or a $1.2m 20-unit building in the Columbus, Oh. metro market...would you prefer $7,000/mo in income or $16,000/mo...When you're investing in commercial real estate, appreciation matters, but it is not the sole determinant of value...you can stay trapped in small residential MF in CA where you are limited by market appreciation due to valuation based on comparable sales, or create your own wealth with a value add play in a larger C-class MF property in almost any Midwest market.

Do the parents have preferences as to payment of capital gains if you were to do a sale (sounds like most or all could be shielded)? 

hello,I am new to the forum but have been listening to BiggerPockets for awhile now, and have been having a hard time figuring out a successful route on developing a multifamily project on a property my family owns. the last couple of years there were develops that purchased three properties in our back yard and they are looking to develop a pretty good size multifamily units and now my parents are worried about privacy when that happens.

I’d listen to it a couple times if I planned to do the same thing.

Hope this helps, and if you have any further questions, I am a real estate agent in Brooklyn and Long Island, and would be happy to connect Agree with this - if you are shopping commercial or anything with a rent roll more complicated and extensive than a couple units - you really should find a knowledgeable broker for the process - not a great area to dive in as a DIY beginner..

PM me for my preferred brokers.

As an investor and realtor here in Hilton Head, I can tell you with your current cash position you would be best off doing a couple of flips here first then look for a couple of holds.