You can choose to terminate their leases and start fresh, or verify their ability to pay the new rate.

Purchase price: $370,000 Cash invested: $55,500 Fun little duplex!

Fresh paint and new entry doors finished the house off and had it ready to rent inside 30 days.

I usually head to the house once a quarter to check up on things and fix anything that might need to be repaired (and of course have some fun up there).

For us BP people, we can see the potential in a fresh coat of off-white paint where regular people just see a gross ugly house.  

Attend a couple of meetups and speak with a few investors face to face, I think that'll give you a jump start on a fresh perspective and may also help you nail down what direction to focus on. 

IMHO I think the draw to the Poconos is it's proximity to two monster metropolitan markets and their middle and professional class who may prefer in many cases to tone it down from places like Miami, Hawaii, Vail, or Stowe, and instead have the luxury of a 1.5-2 hour car trip to somewhere where they will save on airfare, get a good deal on their accommodations, and still have loads of fun with their families without having to deal with exorbitant vacation costs and aggravating travel arrangements. 

If you got the first house for a song and a dance it would probably be better financially just because you're getting a better price on the skeleton than you would in a fresh build.

It will be fun, we'll have drinks and meet at a local vacation rental-this is a great way to learn more if you are interested in this type of investment.  

Should be fun watching it play out.