Since it's such a high demand area I would try to drive down the purchase price deducting repairs and maximise rent making the units "luxury" rentals, also who will be paying for utilities are the units metered separately?

Mortgages on rental properties is where cash goes to die.If you want to maximise your returns the last place you want it is sitting dead all in one property when your tenants are actually paying for the property.

Be conservative while maximising your income as much as possible.. 

You are all over the map and need to concentrate on maximising your income and your savings to move forward with investing.

Take the 30 year, pull out every penny you can at renewals and maximise your investments.There is zero logic in paying down a mortgage on a rental when doing so costs you more in lost opportunity than you gain.

As a new owner this is the best time to make changes.Whether you wish to collect market rent from your income property to maximise your investment or continue to supplement your tenants rent depends on the direction you want for your future.

It is obvious (to me) that you cannot represent certain Clients objectively any more, but have joined the "I will work for you as long as you know that I will not hesitate to go behind your back if necessary because my ONLY goal is to maximise MY income" brigade (ie. you should now recognise that you have no business pretending to answer to a "higher standard" of ethics any more).

Second if she can afford full market you have maximised your returns as opposed to subsidising your tenants rent.If you do not put it directly to full market, and she can not afford full market, what you have accomplished is to lose money and end up with the same vacancy in the future that you are trying to avoid.

Hello,I'm looking to buy out of state rental properties, either single family homes or commercial, and was wondering what cities I should consider if my goal is to maximise ROI.

Ensuring my time here on earth is well spent and maximise my potential every single day.