We chose to have hardwood floor throughout the main floor as a personal upgrade choice.

Would love to connect as I am looking to get bids on the added unit and some upgrades to the house- I'll shoot you a message!

Well, depends, if you have a 3rd party billing system that does collections, probably greater odds.On your plan to roll the water into rent - You realize that the good guy that consciously avoids wasting water pays exactly the same as the guy that does his friend's laundry in his apartment and basically runs a car wash using your water?

Alternatively, you might see benefit in upgrading to a Checkbook IRA LLC where you can have direct control over funds and are not required to go through the custodian layer for each and every move.  

I'm picturing a small crew of 3-4 guys, good for cosmetic upgrades on single family homes. 

I quickly upgraded one unit and moved in.

and refunds to guests2) Hire amazing people - cleaners, handyman, recruit some neighbors to help fill in the gaps, & self-manage or hire an offshore VA to manage the property if you'd rather make yourself rich instead of making a local property manager rich (more on that here: https://www.biggerpockets.com/... )And make sure that your cleaners and handyman are not only doing a top-notch job of keeping the house in pristine condition, but they are also reporting to you (or to your PM or to your offshore asst) every little thing that needs to be upgraded or replaced so that you can stay on top of it and take care of things before you hear it from your guests in the form of guest complaints and bad reviews.

An experienced team would know what features are popular among the locals, where to buy high quality materials for the best prices, and whether, as I mentioned earlier, the locals will be willing and able to pay premiums for the upgraded units.- How high are the premiums?

The houses are very old and we buy fixer uppers and upgrade the systems so we have a house in excellent condition.

@Joshua S.Exterior - nope most won't care about anything but the roof and that would be minimalInterior - this is where you make the most difference, kitchen upgrades especially granite or quartz will be the most bang for your buck, followed by a hard surface flooring in your main living space (tile, high quality laminate, hardwood etc.) and bathroom upgrades starting with the master and working down from there.Additions - you aren't going to be doing a quality addition for $10-15k and if you do make sure it is done well or it can actually hurt your value