That may be a faster/cheaper way to get the units vacant compared to evicting.Alternatively, you can consider being very transparent with the tenants about the market rents and your plans to renovate the units.

This will make things more up transparent. 

You better not come up with a calculation that comes out to be less than $1000/month NOI or you may actually LOSE money.2)  You need to make sure everything is LEGIT/ABOVE BOARD/TRANSPARENT.   

I am still a commercial broker but now more of an investor and have found that being transparent is best for me when trying to list.

I would be completely transparent and ask how he got his number without coming across as rude or arrogant.

But really, in dealing with peoples life’s, we should be totally honest and transparent anyway.   

It sounds like they should not be in the business if they can't provide better service and transparency.

Joe is a great person to speak and work with, but he also has a great team.I love the communication and transparency with investors.

So in all transparency, how much out of pocket did you need to bring to the table in order to execute this deal?  

I think being transparent with them about the issues of getting financing and work the deal through creative lenses.Create like a 36 month balloon to get financing or refinancing them out of the business because it has not been open long enough.