I plan to use a HELOC for the improvements to create lots with improvements.My plan for the rest of the parcel, now roughly 7 acres, is to built a primary home for my family, and to put in 5-6 cabins.

Modern builds and thoughtful rehabs sell quickly.Key ROI Factors:Strong rental market for investors who want to flip and hold.First-time homebuyers are flocking here for affordable entry-level homes with character.Pro Tip: Target small, outdated homes on larger lots to capitalize on backyard improvements or expansions.3.

For example she starts dating a carpenter or a handyman type (or even worse a wannabe carpenter or handyman) who moves in and does work on the home and claims they should have equity too for making those improvements.

Thanks Anthony, solid idea to improve efficiency.

You don't have a great case for a tax appeal here because it looks like it was upped based on the renovation and improvements done prior to you buying it.

Like aircraft checklists and vehicle operators manuals (the -10s), one can benefit from extensive research, trial and error, and deliberate improvement principles gained by the many that have gone the path before. 

I wouldn't necessarily put a lot of efforts into improving/building/spending in hopes of staying booked solid, but it is a nice 'side hustle' for a pretty piece of land to bring in some extra income while it sits. 

What is your skillset or time availability, what is your network currently like and do you need to improve that?

But I agree with an above poster that $10 psf in tenant improvement seems low, unless you can find a turn-key tenant to occupy that will require very little renovation.In DFW, for 2nd generation spaces, I've seen LLs underwrite at about $25-35 psf in expected TI allowance (subject to the lease terms and tenant credit rating).  

Its a great feeling to provide improved housing and providing jobs to other individuals who want to be their own boss.