The two common ways to get rents up is 1) to move qualified family into the unit for a year 2) perform and extensive rehab such that tenant occupancy is not possible. 

There are attorneys who will help navigate the process for you and act as an orchestra conductor to keep things moving along.

What are your goals for this property (e.g. why are you getting into this)?  

Tenant 1 moved out five months ago.

I've also held of holding properties in individual LLCs that are owned by one S corporation, which allows for a 60 / 40 split between ordinary income (regular tax) and dividends (capital gains tax rate).With the goal of minimizing taxation and liability protection, what would be the recommendation from more experienced people here?

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

If you have mony in the deal and it is no longer bringing a proper return it may be time to move that money into another property that will return more.  

Move tenants in immediately and same tenants are still there.

If losses strain your finances, selling might be the best move, but optimizing rental income or tax deductions could make holding worthwhile.This post does not create a CPA-Client relationship.

Outline a clear exit strategy to meet your long-term goal of retaining the property for cash flow.Work with a CPA to ensure tax efficiency, particularly around depreciation, capital gains, and partnership income.