I would rather keep good tenants but gradually raise the rent.  

Hi Team, I been presented with this "Deal" in Houston Tx. its a 4plex in an area around the universality of Houston. its lower socioeconomic area which I been told gradually been transform. 

If they are good tenants then work with them and raise the rents gradually.

We are gradually moving away from carpet and moving to all vinyl.

If you don't want a steep slope why don't you just bring in a couple of guys with shovels and a load of topsoil to reduce it to a more gradual slope.

I would strongly consider if the area has rent control so the restaurant rent can be gradually changed.  

This is how I'm looking at it: the market is gradually changing and good deals are not as many in most markets as they have been.

Is it a situation where up and coming neighborhoods have low property taxes now but they gradually rise?

In additional to helping my dad (who would work himself to death before accepting financial support), I'm attracted to the tax and diversification benefits of RE investing, but a financial return is a secondary priority (because I think I can more scalably generate a higher IRR elsewhere).Responsibility breakdown: Given my skill-set, I'd run the investment models and likely oversee most of the tax/legal stuff but ideally gradually ceed control over time. 

You may need to calculate your time value to $20/hr starting out and gradually moving that # up as you see some success.The get rich quick schemes are an illusion, this is hard work getting things working right but worth it once the big ball starts rolling.