With only 2% estimated at expenses, I'd be curious what comprised your $66.5k improvement budget. 

In reading through the policy documents provided by Stewart Title, it appears that the ALTA Homeowners policy we purchased:"This policy covers only Land that is an improved residential lot on which there is located a one-to-four family residence and only when each insured named in Schedule A is a Natural Person"So....looks like I bought the wrong type of policy?

The entire time I've had a financial restlessness and did not know where to put that tension/energy.

We engaged professional management and are currently making capital improvements to renovate and upgrade units and resolve deferred maintenance.

It doesn't get us all the way there, but it's improved our NOI quite a bit so far and as many of the current tenants leave we can change this even more if we need to. 

I believe it's an advantage to do a live in flip as you can go at your own speed and make improvements on your own schedule and even do some of the work yourself and gain some experience. 

If done, it will:  improve the curb appeal , lower maintenance, create more privacy,and add rv parking.

It does have old single pane windows that I have thought about upgrading depending on the appraisal, which I think will help justify the increase in rent easily with savings in energy cost. 

Who will pay the taxes on that portion of land and improvements ?

What a waste of mental energy to think that. www.rojayselecthomes.com