I can then buy 2-3 rentals, in that same market - maybe spend $100k on 2 rentals, $1200 NOI and have $80k cash for home improvements, or spend it all on investment properties.I've got about $80k in student loans and I'm not required to be making payments until April 2023.

Something general like we plan on making some improvements or taking care of maintenance issue etc.

A good tenant is someone who:Has stable employment in a market segment that is very likely to be stable or improve over timeHas a credit history with which you can evaluate the likelihood that they will performPays all the rent on scheduleTakes care of the propertyDoes not cause problems with neighborsDoes not engage in illegal activities while on the propertyStays for many yearsGood tenants are the exception, not the norm.

It protects the existing structure and the improvements as they are added. 

My current builder has been not performing on a project I have and it is clear they are not doing anything to change their posture and improve or make up schedule.

What are you willing to "give" that improves the property that may make them happy?

Then does the floor plan and site plan actually improve upon the existing or just make things worse?

We collected cash flow on the property for a few years and did improvements to the property when the leases turned over so we could raise rents.

Also, it will be a long time before I can actually benefit from not having to deal with the messy wax when replacing them....My main driver for switching away from wax was that there are basically two things that joint comes in contact with (aside from water): poop and wax.  

I'll be curious to see how much rents continue to improve over the next 2-5 years.