Will you be improving the units over time?

@Natali CobbIn-unit laundry in duplexes can attract tenants, increase rent, and improve retention.

Think about how you can make these properties better for the next person to live in, whether through repairs, renovations, or improving the management.

Recognizing the potential in properties with minimal improvement needs allowed us to streamline this process.

You would have to improve the property (dramatically) at great expense to actual meet that definition and use it as a townhomes.

That's a low-return improvement, compared to say new bathrooms/kitchens.IMHO, if you expect to increase your net through rental and market appreciation, consider the length of time it will take to realize that goal—many years. 

Cash Payment: Paying cash for improvements is often the most economical way.

Are you doing any capital improvements to the park?

While my insurance charges are relatively low each year given this is a condo, I learned to better assess who is behind budget planning at the HOA level for all of the units for roof, cleaning costs, basement improvements (shared by all units), given this was run well by one individual.

You'll be fine, especially if you're using additional equity contribution to improve the property before your refinance.