As well, and assuming necessary, once done, you can advertise this upgrade and the positive resulting heating and cooling bills in future marketing when the need arises.For straight rentals (not a property sold via Lease Option, CFD, or other Owner Financing), I never pass large expenses on to my tenants (pretty much anything over $300, unless their fault), but assuming this is a defect or need that I did not see in my pre-purchase home inspection report, I will just deal with it out of my own pocket and earn a bit of positive "good landlord capital" in the process.Good luck with it!

@Patrick Donnelly yes there certainly are great opportunities in SATX, but the market is also starting to heat up more, especially over the past few months.

Yes this is normal, the same people to replace a propane water heater are the same people getting everyone ready for the heating season.

Major expenses: roof, electrical, heating and cooling, foundation, plumbingIt really depends on the individual property and what you plan to do with it.

I called several plumbing/heating companies and many were booked until next week.

The new tenants love to have the heat cranked way to hot.  

They still don't understand why their house isn't worth what they paid for it, while we as investors think the market is over heated!

I don't always take her suggestions but it gives me a good idea on what to do.Kitchen Gut (medium grade SS appliances & Granite) - about $40/sq ftHVAC - Duct work - $2.50/sq ftHVAC - Compressor - $1,750 + ($1.00/sq ft)HVAC - Heating Unit - $2,000Those are quick estimate numbers that I have found to be good for North Texas.

Do the math.When the market is heating up then turn to quick profits by flipping homes. 

However, the benefit I have right now is the fact that the rents are not yet registered with the town.So keeping the tenants as is with the low rents will set me up for low rent registration.Instead, I would rather get them all out, do the necessary renovation, including separating the boilers, this way each tenant pays their own heat and hot water.