I spent 25 years as a banking executive with a focus on real estate lending and special assets and this gives all of us who work with investment groups a black eye. 

Possibly i'd subsidize the tenants and make the increase when they move because the market will eventually increase rent to catch up with the higher property taxes.After making all those improvements, I would lean towards the long term and try to get as close as possible to break even now while at least slowly increasing rent enough for the tenants to cover the property tax increase. 

I am currently working with an investor from California who just finished up a flip here in Oklahoma City and we've already got quite a lot of eyes on it within 24 hours.

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

She also keeps an eye on things while learning a lot about property management. 

The recession is still in fresh in the eyes of hoteliers.

.- If the property catches fire, through no fault of the tenant, the owner's insurance does not cover the tenant’s personal property or expenses they may incur while the property is being repaired.- If the tenants cause their neighbors to suffer a loss, through bodily injury or property damage, their Renters Insurance will provide protection that would compensate the injured party.

It's a tricky game but oh so rewarding.Let's Chat:Got your eye on Memphis?

And, don't make eye contact with people this stupid.Hope this helps.

@Basit SiddiqiAll that you mentioned is spot on and, yes, "poor" is a relative term and is in the eye of the beholder.