My gut tells me to keep paying the minimum and buy more property, but I would appreciate some help quantifying it. 

We feel that a percentage of gross rents is a good quantifier of the work we are putting in.My question is, do we need a real estate license to form a separate LLC to manage our own properties?

I don't think they're able to totally quantify what the 2nd installment will be. 

I'll definitely be working in the next few days to quantify the costs of the necessary repairs and determine if the purchase still makes sense after factoring them in. 

While I think it would be difficult to quantify exact ROI, I think any exterior updates would obviously make your listing more attractive (depending on your market) and therefore would therefore justify higher occupanacy and ADR.  

This is where option 1, quantifying the returns following a refinance comes into play.

Returns can be quantified, unfortunately risk cannot.  

This I think, is perhaps what you are looking at as well...a personal comfort level with the amount of projects you have going on, and are looking for a way to quantify that comfort?  

A good feeling I guess but the goal should be quantifiable. 

My question is how do quantify the work completed based on milestone?