For example, it MAY make sense for you to sell, then 1031 exchange the funds into a larger property type - or a similar property in a nicer area that has stronger appreciation forecasts.

I found a big error here, I typed it in wrong when I calculated.

For example, if I bought this type of property and knew that my rents were below average for the local market, then my first phased approach would be to get aggressively try and get those rents up to where they need to be. 

The answer largely depends on the type of investment strategy you will employ, your current liquidity situation, and the size of your renovation budget.

Is this after tax or pre-tax & what type of tax treatment is this investment recieving? 

I have seen it before with a few of my clients that they were able to utilize a Sec. 721/1031 transfer to move the assets into a REIT or other similar activity depending on the type of business.

What type of sub-leasing will they be doing? 

When I am rehabing what type of insurance should I get?

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I had a plumber go over to give me an estimate for converting a half bath to a full bath and he called me back claiming that the plumbing inspector wasn't going to allow him to tie into the type of pipes I have and I was going to have to re-pipe the whole house.