Do an IRR analysis on the possible scenarios, factoring in the cost of borrowing, and see which generates the highest IRR.Then, assuming your comfortable with any risk associated with that scenario, do that one.

Good morning, I woke up a few weeks ago and decided to get into the real estate game. 

If I repainted I'd be doing it to get the "wow" factor (and fresh-paint smell) of a completely repainted apartment, not because any walls are so bad currently that potential tenants would look at them and run.I no there's no one-size-fits-all answer, but generally speaking, which of these upgrades would deliver the biggest bang for the buck?

You put 25% down so you have a lower business mortgage.Need to factor in first time renovation cost to produce tenants.

LLCs that are thinly capitalized are more likely to be viewed as “shells,” thereby losing their capacity to shield the members from liability.or fails to maintain a separate identity from its owners ( using the business bank account for business purchases, maintaining separate books)Conversion of entities Assets for Personal Benefit:Another factor that poses a risk of piercing the corporate veil is the draining of entities assets (such as payments of large salaries to shareholder-employees) that leaves the entity with inadequate resources to pay its debts.Do not commingle personal and LLC assets.Maintain a separate LLC bank account.Execute an operating agreement.Follow the provisions of an operating agreement.Have LLC member meetings according to the operating agreement.Title property in the name of the LLC.Maintain insurance on LLC property in the LLC's name.Sign all LLC documents in the LLC's name, not the members' names.b.

I have dialed my morning in very well, but there is room for improvement at night time for me!

Those residents pay a flat fee based on a few factors (i.e. number of fixtures, square footage, etc.).I assume you did your research on what you could rent this for...As is, I would not pursue this deal unless you are banking on appreciation and being able to increase the rent quickly. 

Do you see a point where this strategy of adding functional space reduces its value factor?

There are so many factors that can impact throughput, signal coverage is only one of them.   

So when I google Real Estate Income Statement, none of them have depreciation or taxes on the them, like a normally company would.So where the heck is this factored in?