Banks and experienced listing agents will definitely know the difference.

I'm considering also listing my units on AirBNB to flex as a STR when vacant, especially since there's demand for STRs in the summer months.

Helen, here is the list of construction that are exempt from permits in your area.http://austintexas.gov/page/work-exempt-building-p...From what I interpret, a permit would be needed under these guidelines.

This was the biggest item that was in the forefront of my mind reading your post.

Listed on the MLS.

I agree with the items @David Liu mentioned but add insurance, vacancy, property management (even if self managing because it is work), misc (mostly items divided across all units (bookkeeper, LLC, umbrella coverage, tax man, office expenses, etc) as well as one off items such as utilities due to slab leak.  

One item I would add in getting an appropriate scope of work is that you might have to "incentivize" the contractor to come out and review the project with you.

I can send you a list of contacts in Ohio to help you build your team, property manager.

She sent me some listings, I choose the one that I thought would be best as far as location, beauty, accessibility and put in an offer.

I mean, every realtor I've ever discussed home improvements with has basically the same list of improvements, and all of them claim a negative ROI.