There is power to create change here and I’m grateful for it.

3 The electric panels are fuse boxes, and I don't see much wiring that looks new even though there appears to be some grounded outlets upstairs. 

4 Since I have to get into the walls to do plumbing, electrical, heating, should I assume that the house has to be gutted to studs?

Water and electric demands?

In order to do this I will have my team in place to take care of the tenant issues or repairs needed like, plumbing, AC, electrical and handyman ready in case of any issues with one of our rental properties. 

Then there's typically expenses like lawn maintenance, snowplowing, common area electric costs, the water bill and garbage pick up. 

You will use the same percentage split to determine how other household expenses are split (water, gas, electric bills, etc).

Being a millionaire isn't really a big deal, because it doesn't have the buying power it had 50 or 100 years ago.

., some units have already been upgraded and are achieving rent increases)Experienced team, particularly the project management teamMultiple exit strategiesThe budget for renovations and capital expenditures is raised upfront, rather than through cash flowValue-add investments can be powerful vehicles of wealth, but they also come with serious risks.

On a larger park, I would recommend a formal cost segregation study for this, but an 8 unit park is too small for that to make sense, so you can also assign a value in the bill of sale to include:Landscaping shrubbery & trees: 35 mature trees approx. 20’ tall each, pool equipment, roads: XXX square yards of asphalt paving, sidewalk and curbing, electrical pedestals, concrete pads, underground utilities for electric, sewer or septic, pool, clubhouse, etc.