This is what my group does, only we get other partners involved so we're not restricted to only one source of funding and/or refinancing.When you re-use the same cash over and over again, where does that fall in the description NMD?...

If it provides access to other people's property, I just don't see how it would have any value as in many jurisdictions you couldn't do anything to it to restrict access. ie, you can't charge a toll or fee for usage so what value does it have?

I have no idea if your state has any restrictions on these types of loans for any reasonThe key is you need to have a good business relationship with bank(s) to do this - good relationship does not necessarily mean wealth, but means you've done other business with them, and your personal financials make you a relatively safe bet.  

I don't know if Kiawah has any restrictions for it though (assume not).

It's zoned MF4 but due to deed restrictions it is limited to two dwellings.

Fannie Mae HomeStyle mortgages are however better than an FHA 203k loan in my opinion, simply due to loser restrictions on the renovation.

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you are covered.

See if there are any contractors that your property has used on a regular basis (not sure if they have restrictions as some do) and get them to quote you on a kitchen and bath remodel . . . if they have done some other units they will now what it takes and what others have done quality-level wise.You have some time to make sure you get a few quotes and design ideas but the kitchen and bath are the likely candidates. 

Are there any restrictions on rent increases? 

I went under contract on a home with a local bank that I have used for over three years and still have active loans with decide to become more restrictive.