Fresh paint is probably the single best renovation item you can do :) 2 tips: Learn to tile.

If you do want to stop renting to section 8 then this will cause a vacancy and a fresh start.Look at the pros and cons and make that decision first.

At this point, we've reached a crossroads: we're discussing the cost/benefit of adding a new partner.It seems that if we add a third partner, we benefit from additional capital contribution, reduced personal risk, fresh ideas, and a quicker time to creating a self-sufficient business (i.e., having business profits fund new properties).

So many different ways to calculate how "good" and investment is......some of the above % cited include an assumed X% appreciation year in and year out....and some of the bigger numbers are unrealized gains you don't ever see until you sell it..... so some of your reference numbers need to be based on what your short term goal of a return is and what the long term return is....so that perspective plays a role in what you consider a "good investment"....... does it pay me well NOW or am I only really seeing those #'s years and years down the road.....

Interesting perspective. 

That's a young man's perspective, not the perspective of a provider for a family.

Let's look at this from another perspective. 

@Jennifer Van vlymen its all about perspective and leverage.

I value a real property attorney's perspective, just don't want to set aside thousands for retainer just for exploration on whether I have standing.If that is not an option, it seems to me the next option would be to incur all of the costs, try to consolidate the parcels with the highway taxing districts and then seek out a permit from the city to build an Accessory Dwelling Unit under their standards.

Cutting in your margins for less cashflow is all perspective, the thing many of us new entrepreneurs do not value is our time  if you put a valuation on your time you may be better off leveraging that so you can do things like be with family, work and make more money, or find deals.