Upgraded windows, landscape work and made two separate dwelling units.

Third, don't put all your eggs in one basket.

In that case, that wouldn't be an option to renew and I would present them with two options: 1) extend the current lease with updated market rate rent and new term (a true renewal option), or 2) you give them a new lease with terms you want, again with market rent.

If you can find an area that allows duplexes, you will greatly improve your numbers with two rents and not too much more building costs. 

@Paul Baldwin - I have found there are two ways to understand/learn something....find someone who already knows or teach/learn yourself...the later works, but just takes longer and often has room for more errors.There's no true cheat sheet until you have done enough projects in your specific area!

Now you have a situation where you could have two insurance carriers fighting over who is going to pick up coverage. 

Most banks hire 3rd party asset management companies handle the sale, so if you call the bank they will just pass you off - that will be after being tossed around from department to department for two hours. 

Before I bought this property, I worked for two years to save up enough for a down payment, closing costs, and 3 months worth of reserves.

Is it possible for you to get a job for a year or two, and just dedicate all that money as your REI Fund?

Not exactly.And anyone that tells you different is one of two things:… lying or stupid.