4plex - 1 tenant wants to move out Dec 1st - what's the best next step?

[Aaron Kozloff]

In September, I closed on a 4-plex in Ville Emard with the future intention of becoming an owner-occupant, and one of the tenants (paying $1300 for a 2-bedroom that badly needs renos) has decided that she wants to move out (her ex-roommate moved into the apartment across the hall from her).  Some of the renos that seem worth doing are rewiring the electrical, a fresh coat of paint, and maybe improving some other components of the unit (it is OLD). 

Some options we're considering are:

1) Letting her break the lease and we:

a) Find someone else to move in before doing renos.
b) Do renos, and raise rent (though before X-mas is a bad time to get renos done).
c) Find someone to rent it for a fixed term lease before doing renos.
d) Furnish it, and make it available for medium-term rentals (I'm an ex-circus performer, and wanted to provide cheaper than Airbnb medium stay housing to traveling circus professionals). 

2) She can lease transfer. But we don't really trust her judgment to pick someone that is going to be a good fit. 


Would appreciate guidance on the best decision financially - both long and short term as a new home-owner.