For that reason in a situation where a tenant is below market my advice would be to give them fair warning you will be putting them to full market rent.

Also, if anyone knows about the student housing situation there, I’d appreciate any help.

I’ve found better quality hoods, fans, and lighting fixtures cheaper than the big stores or than my contractor can find them.

As far a books on management go, check out Brandon Turner's book on managing properties which you can find here: https://www.biggerpockets.com/store/managing-properties-digital as well as the Landlord Survival Guide by Jeffrey Taylor

Well, our situation facilitates a few potential investment opportunities.

The house only spent a week on the MLS before it was sold in a multiple offer situation.

There are a thousand situations where insurance will not and cannot cover you so why in the world would someone rely solely on that? 

If your financial situation changes between now and the refi then you will have a hard time getting your money back.

Some of the larger expenses-Interior/Exterior Paint, Storm shutters for a few of the front large windows, added additional cabinets to one unit,  New refrigerator from Dent/Scratch store after old one died,  Laundry units that tenant pays +$50/mo for etc. 

We bought the house 2 months ago knowing the pump situation isnt best and were going to replace it during a renovation anyway.