My businesses is quite simple, I buy properties all over the country at 60% of as-is value from off market deals and re-sell at full value on the MLS.  

Should I increase the bid to their asking price?

No special development taxes...Sold One year now, 16% increase in equity.

A simple basic shed typically costs around $5000 built or installed on your property. 

I would assume that with an increase in renter occupied units in an area, the competition would be higher and therefore it would make sense to go outside of the area of competition (given other demographic information indicates the area is still appropriate for a buy and hold strategy).

Account Closed  This sounds like a very simple question but actually it's not.

My rule of thumb for rehab costs is try to gain at least $2 value increase for every $1 spent on labor and materials.

Some towns have brutal rent control ordinances that can prevent you from increasing your annual rents. 

You'll find a few w/ a simple internet search.  

Keep it simple.