You may have your own sewage treatment plant .you will need to buy a large tractor with loader, a small dump truck , lawn equipment , golf carts for employees to get around .Build a house or 2 for management to live in . 

When we took it over we discovered the entire building was infested with bedbugs so badly that our bed bug remediation said if this had happened before heat treatment was introduced the building would have probably been torn down.

@Rafael Trinidad Buy, build, Then hold for over 12 months could get you long term cap gains treatment.

I found this article stating that there's been an increase in water / sewage due to recent construction at the water treatment plant, but these bills are hundreds of percent more than i've been paying over the years.Anyone in the Binghamton area having a similar experience?

Also, your tax advisor may recommend different tax treatment for those businesses.As your business grows and you acquire more rental properties, you may want to segregate your properties into multiple entities for increased asset protection.

Because it is now an investment property it qualifies for sec 1031 treatment. 

Is it common for tenants to stay in the unit if the extermination process is three weeks - three separate treatments?

Basically double, which was the goal.5% of the units will get this treatment.

I am considering doing a DIY treatment right at the beginning of the project so if i missed something, it would take care of it when i put it up for sale.

Was this an investment or an opportunity to help your father.And John is right, there are other ways to establish it as investment tax treatment wise.