If you live in a high demand area it's worth ball parking how much time you spend (say half an hour to change the names on your least and reprint it) and a reasonable rate for your time ($80 an hour or whatever you feel you're worth) and passing that on.

Maybe I will amend that to just say a change in career. 

Publicly-traded REITs are repriced constantly during market hours, while non-traded REITs have no secondary market (so pricing is based on net asset value, which doesn't change that often).Foresight is a little harder.

Life circumstances changed so we will be moving to and investing in a new area. 

Meaning that just by changing the property from one single address property  into two individuals properties it raises the price per square foot.

You do not need to change the lease in any way.

Renting seems like less risk in the event that something should change policy wise, but I don't have a ton of knowledge in that area. 

If you aren't happy with the PM spending $200, change your arrangement and have them require approvals from you for expenses over $50, $100 or whatever you want.

The toilets in a 3 million, 1 million and 200k property all cost about the same to change.

Funny part is they wanted no part a year ago of financing a rental, but they sure changed their tune.