Once you finish construction, if you've created forced appreciation (which you often do in the case of a 203k), you may be able to fairly quickly refinance to get off the MIP of $497.

I am concern about doing anything too far and have less/minimum control, but the current environment is forcing my hand. 

One strategy that does work with that amount of capital is the forced appreciation play in the secondary small-plex market.

When you think about it, rental property is really a forced savings plan, each month you are paying off principal, actually, your tenant is paying off principle, and they are also paying the debt service, and then there should also even some positive cash flow left over for your family to go out to dinner on occasion.   

Increased vacancy and expenses (common for properties I buy) would certainly impact the property value.Unfortunately, I've found that sometimes I've overpaid for a property because I overlooked some serious maintenance/capex/tenant issues, and I haven't been able to correct them in the year purchased.

You cannot forcefully increase the value for a single family home when you increase the rent.BP has a great calculator that does something similar to the image below.

You can refuse the change and force them to perform on the original agreement.

So, basically, everyone was cool and waiting.  2) Talked to the tenant and it wasn't COVID they were afraid they would be forced to move. 

I would recommend looking for areas with low property taxes and reasonable insurance premiums (these have a considerable impact on cash flow), as well as states that are landlord friendly.

The rules vary by State, but if they obtain a majority of the units they may (depends on the State) be able to force a sale through the courts.