Now if you were a mechanic or an electrician things would be different but your not so the passive route is what you should be doing.

AITD  "all inclusive Deed of Trust" Deed of trust can be substituded for Mortgage.. they are basically the same thing. but if you can google that doc and read through it .. it will help you understand the mechanics of a Wrap.

Some investors will use (and markets will command) 15-20 years for a roof and others get 25 (or more) years, some get 10 years out of HVAC and others get 15, 20 or even 25 years...and pay $2,500 for full replacement (inside and outside) versus twice that amount, some investors/properties/markets require structural or mechanical replacement in 20-30 years where others get way longer than that, some pay $300 to paint a full interior unit (trim and all) and others pay thousands (not cap ex but you get my point), some need to replace cabinets every 20 years, others can be painted and last twice that long (or more), some investors pay $1.00 per sqft installed for flooring and others pay 2-4x that amount...the list goes on...huge variations by asset class, market and investor.  

Mechanicals completely updated.

have not done that, but does the DSCR lender know you are doing this, you could be invalidating the terms of your loan.Few other comments - filing a UCC lien does not protect it against the asset, it goes against the company so if there were other debts against the asset that liened the property (mechanics lien for example), they go in front of the UCC lien. 

This unique financing mechanism offers advantages that can have profound implications for your investment strategies.What Is Builder Financing Credit (BFC)?

@Joel Patterson in wake county (I believe it may be all of NC) permits are only needed for mechanical, structural, or work over $30k.

Do not put too much emphasis the terms, unless you plan to keep them and pay them off.

@Kimberly BunchLast renovation was about full gut with all mechanicals, but also included filling in an interior unground pool and full new roof structure over pool.  

So right after they moved in there were some mechanical issues with the unit (Air conditioner and the water heater quit heating) I was there working on the property and the tenant's group drove off to visit someone and shortly thereafter the police showed up.