Landlord shall not be obligated to clean, decorate, alter, repair, or otherwise improve the rental, either before or after the execution of this lease, unless agreed to in writing as part of this Agreement.

Increased rents by small improvements to the property.

If so, that would likely need to improve in order to qualify.

Currently staffs one property manager at $65k/year.  

I will guess that by the time you get building permits and complete your improvements your cost will b no less than $250,000 and you lost one year of rental income and you will have to pay for utilities for a whole year and maybe run into many huge unexpected expenses.If you really want honest opinions then post all the realistic numbers for your plan.

If so, like Bruce and Brandon said above, go work for a GC or a PM company that has their own maintenance staff.

I’m hoping to try to find someone who has expertise in dealing with properties that need to be raised per FEMA’s significant damage/improvement rule.

Hello @David Geiger, TI allowance is "Tenant Improvement" allowance that generally Land Lord gives to the new incoming tenant towards thier interior build-out expenses in order to setup the space prior to opening for business as part of lease negotiation.

Hello everyone this is Arlin , I’m a home improvement contractor in the Northern Virginia area just staring with real state investing business, currently looking to net work with investors or partnership with entrepreneurs 

It sound like there are likely to be some additional expense in conversion of this basement into a third unit, however the additional income may in time offset these as well as the deduction of capital improvements (this is for a pro/CPA to determine what adds value, etc).