That way you can easily deactivate the key card preventing “lost” keys from being used.

A living room should have a seating set (couch/chairs, sectional, etc), and a TV stand, and maybe an area rug, depending on the flooring type. 

This is assessed more easily on a personal/individual level; there is great skill involved in tactfully developing a risk appetite profile for let’s say a pension or institutional fund, or even a potential private investor.

A building like the one you posted is easily high 7-figures or more.You need cash and lots of it.  

For these types of questions - it would make sense to start by getting some quotes and term sheets from actual hard money lenders (larger companies, found via google or the directory on BP) - can still do the private money - but these terms they give you can easily be the starting point - and you will likely get a lender to walk you through them for free anyway

However, if I were to split the house into sections it could easily be a 3 bedroom over a 1 bedroom over another 1 bedroom.

Your lending attorney should easily be able to help with this.

You should be able ot easily skip trace any of the plots or find the information online enough to add more to the trace.

We were thinking of doing the hot tub, creating some seating and pergola with some lights.  

I took my time to aquire quality properties that rent easily and are well maintained.