Finding properties that perform at a 9-10 Cap is totally doable.

I would like to do substantial improvement to the property by building additionand increasing square footage by about 200%.

The same metrics and methods you use to measure the performance of your business(es) can be applied top your real estate business. 

You can also buy Performing notes as a vehicle for cash flow.  

Lastly, be flexible in TI (Tenant Improvement) you're willing to provide to your potential tenant.  

If I could go back in time I would have sold all my luxury lease options before getting stuck with 14 houses, when the market tanked back in 2007, I lost everything but I am now looking forward to doing it all again now that the market is improving, so I know how to get in but knowing when to get out is more important.

Some of the reasons we like the Triangle are relative performance through the recession, general economic position and long term growth prospects.

I meant depreciate 2/3 of costs for building improvements. 

So she has not had any tenants in house as she does not want to be a landlord.What should I look out for, as well as what improvements should I look into to help attract good tenants?

For instance, in Texas we have the Texas Education Agency and you get can get all sorts of school accountability and performance ratings for all sorts of school districts and individual schools through out the state.