If they can handle the increase to market value in current maintained condition maybe that is a win-win in that the tenant gets to stay and you get to keep your reno budget. 

Generally though, I break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments(maintain your property, etc) - these simple steps will help you prevent lawsuits before they even occur.

Gutters cleaned and maintained, extended downspouts, proper grading away from the house (anywhere from 6" over 10' to an inch per foot depending on where you read.

I have a friend that has a deal for a portfolio of like 24 doors right now that’s all maintained and managed for 1.55 mill$$ at a 9.5 CAP rate

He says that there is a single crack along each wall, but it doesn't need to be fixed... as long as the exterior is maintained.

Kicking the 18 year mark, I shudder to think of the cost of a 7,000 sq foot house roof that has been ignored for that long (not maintained by a loving home owner and had leaves kicked off it). 

Maintaining the value of the property.

Here's a quick one I'm hoping someone would be able to shed some light or experience on - I have heard from some people that it is a great idea to fit out an apartment with nice and modern furniture, maintain it well and rent it out for a couple of thousand Rand more than a similar empty unit.

In terms of being accredited, there're some offering for non-accredited investors once you establish and maintain relationships with the sponsors.

—-For liabilities generated with the properties themselves, typical liability policies plus an umbrella of a couple million is more than sufficient.....even though I know attorneys and others Love to recommend complicated structures, that they get paid to set up/maintain.