@Sameer JainIt depends on what you are trying to achieve.

There is currently an inspection order on the building that states the drop ceiling tiles should be replaced so that there is a fire separation with a fire resistance rating of not less then 30 minutes.Is this achievable by just replacing the dropped ceiling tiles with newer higher rated tiles?

In many cases $200-300 per month per unit. 

There is no right answer here- there are two things you need to consider; what markets will help me achieve my goal, and who can I partner with in that market that will treat me well?

Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingI hope BP helps you achieve your goals!

I know a lot of people who say they want freedom, but in reality they want wealth...For example, you can achieve freedom by purchasing a very cheap property, paying it off quickly, moving in, and then building enough cash flow to pay for the basics -- food, clothes, used car, insurance, etc.That would give you freedom from having to work for someone else...The problem is, most people want more than that -- they want a nice house, a couple cars, good food, vacations, toys/gadgets, etc.

mike and i are comtemplating on becoming partners and we think with right dedication, determination, and discipline we can achieve our goals.

ROI you want to achieve

Your goal is achievable.

Hardwood floors- depends on the property, and the overall character of the unit.