Keep detailed records of payment dates and amounts and consult a tax professional to ensure this strategy aligns with your overall tax planning. 

Most owners who do it want to keep the option of having the building vacant when they eventually sell the place since vacant places sell much more easily then tenant-occupied ones if it's a rent controlled building.

Converting the partnership into a Tenancy in Common (TIC) could work, but keep in mind this requires dissolving the partnership structure and redistributing ownership, which may have tax implications depending on how it’s handled.

Plan to keep for a minimum of a few years to see what I can do with it.

They used a HELOC to finance a multi-family purchase, which allowed them to make staggered acquisitions and keep cash on hand for renovations.

If it keeps getting out of hand then I would then send a notice to quit to the troubling tenant. 

Do this hoping to keep your heloc balance below this number so you are paying less interest based on your average balance vs the rate of your first mortgage payment.

Quote from @Richa Wardhan: Correct330,000If you're not worried about cash flow, I'd keep doing what you're doing.

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.

Keep my wife happy by updating the light fixtures in our home, but keeping myself happy by keeping those costs to $1k or less so we can build momentum with our BRRRR.