This is the type of flooring I am looking to put in, since it looks nice, its waterproof, and solid choice for wear-and-tear.

Right now your only choice if sitting on the benches is to admire the siding ;)

In million dollar plus, you need to put much more thought into everything from paint choices to lighting fixtures, to plumbing fixtures, countertops, and appliances.

Great choices on the finishes.  

Can you add additional landscape elements to compliment your choice color?

They can also offer you knowledge & advice of area, general renter info & will advise you the crime factor of your property's neighborhood, so you have a better idea what you are getting into.Also residential rental tends to have more issues than a NET lease commercial tenant, so this may be a better investment choice for you.

Managing from afar and without a choice.

Trust me - talking was my first choice.

Thank you,James use a quality primer (like Zinser bulls-Eye, 123) then your choice of paint.source: deep brown, deep brick red, some bright orange, blue and indigo, house with dogs...

You'd hate to knock down the existing structure and then find out you can't build what you want to build.That said, if the numbers you provided are accurate, #2 sounds like the better choice (in my opinion)...