If you do all that, it's a big stretch to say it's easy to pierce the veil and that it doesn't offer any real protections, but it's also a big stretch to believe the LLC will definitely protect you. 

I have had a local appraiser tell me he runs into this occasionally - when he does, he says he 'has to' appraise the home as a conventional home (probably discounted some for condition unless extensively remodeled).  

As you've seen, it's very easy to make poorly performing apartment complexes look good by just plugging in assumptions, but once you own the place, you'll realize that things like 5% maint, 5% capex, and 8% vacancy are numbers you could only dream of. 

• The San Diego apartment market is amid a stretch of the strongest demand in at least 20 years.• Overall vacancy rate of 2.4% compares to the stabilized rate of less than 2%.• With recent demand, asking market rent growth is soaring, to its highest level in 20 years at 12.9%.• More than half of San Diego submarkets recorded double-digit rent growth and asking market rents have grown by an average of 17% YOY ($2,600/month).• The current pipeline of 7,300 units will be unlikely to apply much upward pressure on regional vacancy rate.

I am young and make very little at my W-2 so I bias higher returns and making my money stretch!

Even if a vendor has performed poorly in the past and cut corners, would they share that information with a prospective client?

I self manage and self perform most maintenance requests.

The wood rot is in sections all over, some small, and some more extensive, because the previous owner didn't use the correct size sheets and never sealed seams or nail holes.

I guess it depends on how extensive your renovation is but if its mostly cosmetic for 1-4 units it should be done in 3 months. 

For example, the latest study I read said a solar system in New York will increase sales price around 5% while Riverside, CA only increased 2.5%.Whatever you do, don't listen to "studies" performed by solar companies.