As well as pull some extra for improvements to the property, depending on the equity (which I know is there otherwise I wouldn’t be looking at this property)Am I missing anything?

I have gotten zoning changed/added units in the past. 

The taxes on this property are already high (about $20,000) and am wondering what this added unit will do to this expense.

If you buy value added property and can refinance cash all of your investment out then does it really matter if the market is up or down? 

Traditional, flipping a home in Historic Preservation Zones (HPZ), can come with great difficulty as these neighborhoods come with an extra set up rules and regulations to ensure that the “historical aspects” are well persevered.

I installed a new hvac unit in my personal house, blew in 12 inches of insulation, added soffit vents 8 more of them, a ridge vent , and added storm windows at the recommendation of my hvac contractor. 

We want to potential leverage the extra land next to the building to develop a bar/restaurant.  

But I also think part of the investors job should be to improve the community while adding value to his/her portfolio.

I'd like to start adding more multi-family units to my portfolio and wanted to expand into Nebraska.

You have to find that sweet-spot where any rehab work you do puts money in your pocket and is not money down the drain.I know markets where adding granite countertops won't get you $1 more in price (although it may sell faster) and other markets where granite adds a lot of value and it is hard to sell it without.