Demolition entrance porch and bathroom ( including block supporting structure (steps will remain on (do not demo)) - replace with wood to support structure and if absolutely necessary use block if needed but minimize cost here as well.Construct gable roof structure to replace bathroom and porch to meet minimum size requirements for bathroom - adjust the entrance way to bathroom only to minimum requirementsRoof must be metalAll new electrical and plumbing beneath ( I have an electrician who I have contracted to do teh whole unit)Provide the bare minimum cost kitchen counter and cabinets including sink if needed.

a good property manager would be able to provide an accurate rate to expect in that location and minimizing vacancy 2.

Talk to your tax professional if the purpose is to minimize taxes.  

Thanks for your reply, the lease has a clause " Tenant and guests will not use premises in such way as to commit waste (severe property damage) or create a nuisance by annoying, disturbing or interfering with the quiet enjoyment of peace and quiet of any other tenant or nearby resident."

But it'll be a gross waste of time to figure out the reason, owners, and even when you find them, there are plenty of reasons why they won't sell.

With the property being vacant, her loss is larger, but she cannot take it regardless of how large it is.These losses are not wasted.

For example, common tricks of the trade are to leave out property management fees (typically around 10% of rental income) and just explain it away as "We assume you'll self-manage", or to minimize repair costs and/or leave out capex or property taxes on the P&L.

They are doing their best o minimize dirt (though that's nearly impossible when you're demolishing a 100+ year old chimney)More details to follow.  

The other possibility is we test raising 1/4 of the rents and tenant loss is minimal, maybe we just go ahead with the rest. 

I have minimal to no other expenses.