Updating 4-Plex w/ Current Tenants to BRRRR

[Brendan Baier]

We are set to close on a 4-plex end of January that is currently rented but WELL under market value (only $350/unit). We are needing to make some extensive updates (electric, bathroom/kitchen remodel, drywall, paint, etc) in order to increase the ARV and be able to pull our capital back out. I am worried renovations would prove difficult with current tenants. My question is would you recommend evicting the current tenants or trying to work with them living there?

 I know evictions can but tricky with eviction moratoriums but in WI I believe they have to prove they cannot make payment due to related COVID issues.  We are also going to be increasing the rent once the rehab is completed.  All leases are month to month.  What have people done in the past when needing to rehab an occupied property?