Cash for keys teaches them that not paying, not abiding by the lease, or not taking care of the unit is not only acceptable behavior but behavior they get rewarded for.  

I'll report back when it's 11 degrees and the sun sets at 3:45 PM in January, though.

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

Personally, I just communicate with my tenants that we keep the HVAC (in florida so rarely need the furnace) above 68 degrees at all times, and that it is best to keep the HVAC above 74 degrees during the hotter afternoons where the ambient temp is in the 90s.

@Zac Gorski of the lease goes through May 2025 there’s nothing you can do unless offer cash for keys which they may not accept.

@Kenton Guidry - start by reading this thread, including my posts there: Any help for a newbie wanting to start off a real estate adventureThere are plenty of people who do flipping - figure out a problem you can solve for them and they will gladly accept you to shadow them.

Structural review is just the first cost after your offer is accepted.

making the tenant aware of their obligation or upcoming obligation is more than acceptable imho.  

I am an investor based in Fairfield County, CT and just rejoined BP after many years away.From 2005-2011, I got up to ~150 units in SF & MF both rehab & new construction, Class B & C, but (regrettably) sold all to focus on institutional real estate and private equity.Since selling off, I got an MS degree in real estate and participated in most asset classes institutionally ($10-250mm+) with a focus on SF & MF.

“Few, if any lenders are going to accept this secondary lien position,” real estate agent Then said, so the tax-lien associated with the HERO improvements will have to be paid off, in most cases, at the time a sale closes or the mortgage is refinanced.The question becomes, who will pay it?