He holds them in trust and cannot take ownership of them until a future event has occurred: A charge related to the tenants' leases for breach or excessive wear and tear, etc.No credit, no physical transfer, no closing.

They grow both physically and with inflation.  

Collateral DNS Reports (Debt and Security Reports)Collateral DNS reports detail exactly what assets secure the debt obligations tied to a property, specifying the nature, value, and condition of collateral.These reports typically include: Detailed Asset Description: Thorough analysis of physical assets, property location, quality, condition, and any potential environmental or zoning issues.

with a physical asset backing it up. 

Physical distance (miles away) is not the only measurement. 

Some notices (depending on their legal nature) may still need to be mailed or delivered in person, so it’s important to understand what qualifies under the new rules.Bill Progress as of March 2025:     • Introduced February 13, 2025     • Passed Civil Justice & Claims Subcommittee on March 13     • Currently under review by the Housing, Agriculture & Tourism Subcommittee     • Underwent its first House reading as Committee Substitute 2 on March 19If passed, this bill would offer landlords the opportunity to operate more efficiently, reduce administrative costs, and modernize communications.What This Means for Landlords and Property Managers:Advantages:     • Faster delivery and tenant response times     • Lower costs related to printing, mailing, and physical storage     • Better organization and documentation for legal complianceChallenges:     • Tenants must clearly understand and agree to electronic delivery     • Some may lack internet access or overlook emails     • Notices could be missed due to spam filters or crowded inboxesThis bill reflects a broader trend toward digital transformation in property management.

That was a scenario where value was captured without doing physical work to the property.

Hmmm, it's good for learning math but not for learning physics. 

Getting dropped by current insurance, and difficulty finding future insurers may qualify:Under the Fair Housing Act, landlords are required to accommodate tenants with ESAs unless doing so would impose an undue financial burden, fundamentally alter the nature of the housing provider's services, or if the specific ESA poses a direct threat to the health and safety of others or would cause substantial physical damage to the property that cannot be reduced or eliminated by another reasonable accommodation

I would be careful about this unless you bought both properties as they are physically attached, they have a "shared driveway" that is on the lot of the other unit and it claims there is no HOA.