What is a good system to create around standardizing rent increases where applicable / best way to communicate it to the tenants? 

This loans absolutely works on multi family properties and is the go to loan for North New Jersey. 

Quote from @Richard Kim: I'm a fairly new small time out of state investor who owns a couple multi-family properties in Cleveland.

By exploring options for cost-effective utility usage, such as installing low-flow fixtures and implementing irrigation systems, we can significantly save on water expenses.To keep things running like a well-oiled machine, you’ve got to have a rock-solid asset management plan.

If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

and many who reposition big multi do the same.. they have to vacate the units they have substantial negative cash flow then it starts to come back but they get big upside value add 

Reach out using the message system if you have any direct questions or want additional advice.  

Are there specific steps or systems you follow to ensure it’s done correctly?

•Systems: Servicing the HVAC system, replacing the water heater, and updating the electrical panel.The renovation was completed in 13 weeks and totaled approximately $35,600.

Investment Info:Small multi-family (2-4 units) buy & hold investment in Miami.