My mind goes to either1) Sneaky Rental tactic: Upgrade your primary home at prevailing rates, however unattractive they might look relative to your 2.2% rate.

I would prefer the risk of a renovation to upgrade a building as opposed to location risk with a high risk tenant pool. 

But I would plan to reinvest 100% of the cash flow into asset upgrades because our 100-year-old buildings need it.

Advice NeededTLDR - Spend an additional $30k now to upgrade the sewer system on-site while the contractor is already mobilized or go with a sewer injection pump which is likely a viable solution the will last for years with proper maintenance. 

The goal is to figure out how to access the equity to upgrade all of the properties rented.

And at the same time I would by upgraded hardware something more modern.

I'd be willing to assist in a chatroom upgrade project if you like.Josh Gesler

I know the roof was recently replaced and the largest unit 4b2ba has had some upgrades done.

Thinking I want to buy wholesale or below value enough that some minor cosmetic upgrades and time might afford a refinance.Even still I understand the risks with this method. 

They may not be able to pay the fines.Assessments that you are forced to pay for repairs or upgrades.