@Stephanie WellsUnless it’s adding parking spots I wouldn’t say it would hold much weight on the appraisal. $6k-$8k is a lot to spend compared to the return you’ll get on adding value to the property.

We have also secured a real estate agent who will only take 4% commission and who will guide us through the process.Obviously our plan is very elementary in nature as we have analyzed a minimal amount of deals and are not entirely confident in our abilities to determine the ideal purchase. 

For whatever reason, the landlord returned the security deposits to the tenants during the pandemic.     

That is priority one.You have a security deposit you can use to make up for rent? 

It needs a basement or crawlspace foundation to secure since it is permanent.

Is it going back to a 9-5 job to show a secure income the only option?

Other things to consider: what is your current debt/ interest rate/ appreciation... is it possible to refi and secure better cash flow?

Much more common is to have a mortgage (or in some states a deed of trust)  There is a promissory Note, which is the loan document and The mortgage is the document that gives the lender a security interest in the property. 

As you said, most banks expect it and some even require a special purpose entity be created for the purpose of holding the real estate securing the loan.

I would also add security cameras to document any additional damages.