This change alone stands to gain me $150k+ in equity due to the increase in NOI.My concern is that firing this PM may prove complicated due to his status as a tenant.

I would be more concerned with serious crimes than little things.

I know the DP (dwelling protection) insurance policies are standard landlord insurance but my agent tells me I can also get a Businessowner policy to cover the property (mostly concerned with fire, wind, standard perils). 

That will set you off on the right track.For MHP specifically, also check out The Mobile Home Park Investing Podcast and The Mobile Home Park Mastery Podcast. 

Take someone along with you as a witness.If you are concerned and have a carry permit you are fine otherwise find a witness that has a carry permit to go along.

After taxes, mortgages, and expenses, I am clearing about $700/month.I am concerned because at the end of the day, any property can be a cash flowing property if enough money is put down.

If the $ is big enough it might make sense to consult with an attorney to determine if this was handled properly by the seller/condo association as concerns prospective purchasers.

I don't see how you can have separate title for 2 houses on 1 lot.. unless it's a mobile or manufactured home

@Ryan Blake I agree with you to some extent however in @Manasa Srinath case I don’t think she should be overly concerned about the apartments. 

Once a year I get a call from a "concerned" neighbor about the "language" used by a tenant or contractor - usually complaining about "the F word" (why does no one call to complain about "the S word"??).