Now all insurance companies have conditions of improvements requirements.

I am assuming the tenant would be responsible for space improvements. 

Your profile sounds we are in the exact same place in our investing careers.

Car storage is in fact in very high demand as the economy improves people are buying more toys with no space to store themI built 107 storage condominium garages in So Cal.

I wrote a blog on my experience, which you can find on my profile if you're interestedEither way awesome job on purchasing a fourplex...

I like this one for several reasons ... first, you can normally get a bigger discount buying all cash, Second, it matches the leverage against the risk profile, meaning that you are unleveraged in the beginning when you are learning and there are a lot of uncertainties with a distressed, unrented property, you then reduce this uncertainties with the 1st 3 R's before you leverage up.

Little to no value add - 100% occupied with maxed out rent Currently 44 units asking $60k per -improving area .

Bring a general contractor with you to the property and let them teach you how to identify problems and opportunities for improvement to bring the property to its full value.Go down to Home Depot and other individual wholesale materials stores and get a list of prices for everything you might use on this flip and every future flip.Go to the professionals desk at Home Depot and ask about discounts for bulk items purchased.It takes practice and a lot of trial and error at first to perfect the techniques to estimate costs.

Repainting your property inside or out, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows are examples of repairs.And continues withImprovements (Cap Ex): An improvement adds to the value of property, prolongs its useful life, or adapts it to new uses.

It's a bit of land with improvements that fulfills the basic human need (Maslows Hierarchy of Needs), shelter.