How to renovate/turn Multi-Family while occupied?

[Matt M.]

I’m looking at acquiring a 16 unit multi family complex. Overall it’s in decent condition but does need some light renovations. For instance the interiors have outdated wood paneling that should be replaced with sheetrock. Counters could use an update as well.

How have others done this while the units are occupied? Would love suggestions, best practices, how you have done it.

[Arn Cenedella]

@Matt M.

My suggestion would be to renovate as tenants vacate. 
I would give existing tenants a gentle rent increase and maybe one moves. 
Renovate that unit when vacant. 
Offer renovated unit to existing tenants at the new rental rate and I bet you will find one that moves - creating your next vacancy to renovate and raise rent. 
Repeat process. 
Hope that helps. 
Arn