Exterior/amenity improvements, unit interiors roughly 50% of the total, move leasing office from unit, to extra space in building next to laundry room (making laundry room much smaller with new laundromat next to property)

I am hoping to add some simple/cosmetic improvements to the house for a good ARV.

So really right in line with historical stock market returns.The beauty of real estate is the it is 1) much easier to buy advantageously (get a good deal) than with stocks--at least for the average person, 2) you can also buy, even without leverage, properties that out perform the stock market, and 3) you can safely leverage 70% to 95% without much difficulty, making your money work much harder for you. 

Potentially lower your wholesale spread on the deal to make it more desirable, back out, buy it your self, or you could perform an option as opposed to an assignment.  

My first choice was quit claiming the property then I perform needed repairs.

@Steve Hall so its fraud to use “spend down” to make home improvements to a condo in a trust?

well what I would do is tell the seller the house needs 45k.. and since he holds the first you are improving his collateral therefore its safe for him to take a smaller down payment.Maybe offer to escrow the rehab funds so that if you say your going to rehab but don't he can go in and grab his 25k that is not coming to him in the form of down paymentlet him be in control of that 25k in some manner.. that may work.Its just like when I tie up development ground if I have a very cautious seller..

This property still cash-flows but definitely under performs (due to flood insurance in my opinion) compared to the others.

To finance, use lease option to be given permission to use a property however I want, improve it and rent it out.

The property is in Stoughton WI, no improvements were made and leases are below market due to previous landlord.