Delayed Occupancy Due to Property Repairs or Improvements Home improvements or refinancing loans for extensive changes to the property which will prevent the veteran from occupying the property while the work is being completed, constitute exceptions to the “reasonable time” requirement.

This is also a great way to improve your portfolio's cash flow! 

That way you can improve your side and she can rent out her side as is.

I'm interested in all the normal stuff: demographics, employment, mapping, zoning, supply and demand, and the value of property improvements in specific markets, both historical and current.

For electric it adds value to your building to separate and saves you cost (improving NOI and thus value) so I'd just do it that way. 

@Robert Leonard is exactly right..standard VA home loans are intended to put military members and veterans into move-in ready homes that don't require significant repairs.There is a separate loan product called the VA Renovation loan, which essentially packages a home purchase loan and a home improvement loan into a single product.

What would be the plan to improve the 40% vacancy?

It also improves communication since one attorney's office is coordinating all the details.

Land improvements are depreciated over 15 years.I'd imagine an RV park would have land improvements just like a mobile home park.

We learned some valuable lessons in tenant screening and protecting ourselves as landlords, already, so I think we'll see some major improvements to our management and stress levels in 2023.