This part is getting me all mixed up when I think about how to manage that aspect of owning multiple properties. 

Perhaps the manager believes she can execute the best value-add renovation or intuitively foresee strong potential in a particular aspect of the asset.

I'd say it doesn't really matter what anyone else thinks, only which aspects you value more.

Under the federal Fair Housing Act, landlords who live in a property with four or fewer rental units (this would include your situation) are exempt from all but one aspect of the federal law: They may not advertise in a way that indicates a preference for (or against) members of a protected class (race, color, religion, national origin, sex, familial status and disability).

So now I am hustling backwards to educated myself on the mant different aspects that one could invole themselves in when it come to being an Investor.

One of the tenants moved in May 2018, on a 1 year lease, to one of the units.Since tenant moved in, I had to replace the washer/dryer twice (with refurbished ones).I also replaced the stove & fridge, within the last year, with the advice of my property management company.I also hired a professional/reputable property management company to help manage the property and that aspect has been going well.In June 2019, the tenant had a flood in the kitchen and the laminate floor was damaged significantly.

Shop around and plan your financing just as you would any other aspect of  the project.  

Lenders are Changing Loan Requirements Another aspect of the current multifamily market is due to lenders, who are in the process of changing loan criteria.

Rhove founder and CEO Calvin Cooper also discusses the community and pride of ownership aspect beyond just the financial upside.

Three pretty important aspects when trying to do just about anything in the business world.