From what I read and understand by your post, I would not have an interest in enabling your plan for numerous reasons.Primarily, legal exposure and being associated with the possibility of other family members feeling left out, cheated, etc.

Although not typically a fan of painted brick, We have painted the bricks on numerous houses, I can email you a couple examples if interested.You can also use a stone veneer, if you want to make some impact, we do this frequently with fireplaces.

I've done this with sellers/buyers in numerous other states.

If you have some cash on hand you want to put somewhere to get it working for you, this could be a good opportunity (depending on numerous other risk factors).

Our main focus will be investing in multi-family/condo/townhouse properties branching into SFRs and eventually land development.My father-in-law currently owns 90 properties and is about to start developing land and building numerous units.

We have done numerous, farmhouse or doggie bathroom, a few years ago.I always got rid of or moved the utility basin and installed a small vanity and mirror, Enclosed it with walls and a door, painted the floors and it always passed as a bathroom, for mls listings and to be honest, never paid attention to the apprasials if they counted it as a second bath, assumed they did, the houses always appraised.

I know every individual is different based off their goals but I have heard numerous things to wholesaling is best but also very risky to buying and holding so I just wanted further feedback on this. 

You will get a bunch of different explanations but, to me, in simplest terms, it should be the expected rate of return on a project.  

You can do a 1031 to flip the house into a more expensive investment increasing your basis and deferring your taxes again.Again this is just my explanation late at night as to why I love property for taxes as a duel income no kids (tax helpers).

I find that before no time at all, I end up with numerous web browser tabs open--sometimes telling myself-- "oh, I need to come back to this and really dig into this info... but at the moment, I'm following other info down numerous rabbit holes."