This creates two challenges for me:1) I'd like to do moderate to significant renovations on the units, and my business partner plans on owner-occupying one of the units, so we would need to permanently vacate one or, depending on the property, even all of the units. 2) In order to make the numbers work I'd need to dramatically increase rents (by several hundred dollars/month) to bring them up to market levels. 

I work in commercial renovations.

I don't know if i should sell or if i should rent after the renovations. 

The appraiser will take a scope of work to envision what the property will look like post-rehab, and then do comps based on that vision.For conventional rehab loans like 203k or HomeStyle Renovation, I'd imagine they do the same thing as well.Still unclear whether this loan was conventional or short-term financing; it wasn't mentioned by the OP. 

If you make renovations and/or additions to the property which will increase the value of the property, it is possible to refinance and pull equity out. 

I want to know if any has experience offering law enforcement, govt employees, etc. a discount on rent, or perhaps having a program where you let them live rent free (assuming a larger complex of course).

If go with an asphalt lot or a larger combination of gravel and asphalt, what is the general cost of laying down a flat slab of 1 acre lot of asphalt.A. price for 1 acre lot of asphaltB.

In my area in the Great Recession larger homes did take a down turn in rental rates and some other less populated areas for sure has to slash there rentals rates.

I am currently house hacking a 2BR/2BA condo in Illinois, renting out the 2nd bedroom, and using that income to do renovations, with plans to transfer out of the military in 2021.

Before you begin any major renovation, figure out what your home's current value is.