@Jay Hinrichs many types of trust and estate planning exist for AP it all depends on the goals of the person and the size of their assets etc.

However, I know of 1 in particular who is willing to consider using the appraised value after 3 months of seasoning so options do exist. 

As I get closer I want to make sure i hav the right systems in place to give existing tenets and new tenets proper leases, give them my contact info and get an auto rent pay system in place.

In the latest group we took over, existing tenants were traumatized by a recent bed-bug infestation (thank goodness the treatment appears to have been successful).

The benefit if REPro is being able to deduct losses from operating a rental portfolio - IF such losses do exist and if they are limited by tax law.2.

Existing units will theoretically suffer because the tenants may ask "why should I pay you $x when I can go live in that nicer place for basically the same amount of money?" 

A very common thing I see is people have a "mortgage buddy" who is great at residential stuff but totally novice with non owner occupied investment property loans. 

If using a lender this is a non issue.

The problem is that the lender is asking me change my existing cash value insurance policy to a replacement cost basis policy.  

Although I agree that 100% LTV and 100% of the rehab do not exist, especially to the novice, you should message me to discuss general terms / deals.