There is a chance your profits could be crushed with a bad tenant, but overall if vacancy is your perceived risk it may be worthwhile bumping up that percentage in your calculation.    

With substantive formal presentation to the asset manager, an investor can sometimes impact the perceived value of the asset. 

There's the financial side that says that if you're going to reinvest in real estate anyway any net savings over the cost of the exchange is worth it.But you gotta factor in your time and energy and any extra effort you perceive as well. 

I know you would be able to pay off the HELOC but could affect the perceived value of the property?

It may add some perceived value, which does mean something, but if you can rent it out as it is, I’d wait to redo the whole thing before you try and sell it.

I am looking at the Ultimate Real Estate Guide provided by James Wise as a base line and I am curious about how other investors perceive the B and C neighborhoods around here.2.

Many spouses are in different timelines of change (introducing REI into your relationship is a change [think of it like a new thing that he perceives as taking time away from him]).

Instead market to people that you perceive to have money.

Well worth it to avoid the constant notices from the city and it keeps the perceived value of the property/rents up.

When you get into some of these poor communities you'll find yourself super aggressive and difficult tenants but you'll also find some folks who will do what anyone whom they perceive as an authority figure tells them to do without much thought as to whether or not the person was legit or not.