Now that there is no overhead cost of the mortgage, how much should I charge my tenants?

My main concern is the cost of turning the property into a MTR especially with this being my first property.

The contractor will be your best resource to understand cost of the design; the earlier you identify value engineering opportunities, the cheaper it will cost to incorporate (Google: ‘Macleamy Curve’).

If the property can be respectably sold for $250 you have to be all in at around $200 including the commission and carry cost.

Florida home prices are high, and insurance costs are increasing.Management: Currently, I manage the property myself, which has been relatively easy.

Replacement cost.

What were the total costs of this project?

The cost per unit is actually below average for Reno and maybe bit high for that location. 

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. 

If the pricewould have been $20k less I would have been good with just a VA loan.So depending if you're looking at a larger more expensive house, I wouldn't refi the 1st one as I'm sure your interest rate is pretty low, plus adding closing cost would add more $ being refinanced.