If the rent payment covers your mortgage and you have a good tenant, why would you get rid of them to take on the expense of unit turnover, because you will have to do one, and the 5% vacancy loss just to increase your rent $150 per month?

Looks like you’re just covering your bases with generic responses to us though. 

There’s definitely potential in finding distressed assets and adding value through smart renovations.Setting up an LLC in the state where you’re flipping is a great move for liability protection, and working with a local attorney will ensure you’re covered on state-specific legalities.

Alternatively, you could split it between House 2 and 3 in a way that covers your building budget for the apartment.

You take a HELOC for your primary renovations at 7%, invest the funds from option 1 to cover the payments of the HELOC.

Possible add insurance on your appliances with them paying by adjusting the rent or if they are OK with it so if something else breaks,your covered. 

After they asses what all needs replacing or what they feel needs replacing they'll submit to you what they're willing to cover and deductibles and payments etc. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Invest in some awesome parking facilities, like garages or covered spots.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.