@Peter Padalino - couple suggestions, as I've been in your shoes.  1) Go crazy on energy efficient items - all LED bulbs, NEST or EcoBee thermostat, etc, etc.  2) Get someone to quote solar power for the roof if you have APS - I went solar and LOVE IT for rentals. 

If the funds aren't there to justify the change then you look at the next use that makes economical sense and is allowed with zoning.

I've known individuals that had the capital but just didn't have the energy to get into any other investments...BE THE SOLUTION, create your own opportunity. 

It is worthwhile to have some equity as a safeguard against detrimental economic conditions.

Then he has to decide if he wants to figure it all out himself, find a team (agent, contractor, PM) and manage them from afar (which means lots of time and energy but maybe better returns) or would he rather pay someone to handle it for him so it's just about passive income building with very little hands-on work (turnkey).Living off the income from $140k isn't going to happen, but it's a great start in the right direction.Best of luck (to your friend ;) !

Lame answer but true.On the more creative side would be to create some energy or some excitement around the project as almost a takeaway. 

indicates that the area is experiencing substantial economic and growth.Wondering if there any BPer's out there that are currently investing in Lehigh Valley that would mind sharing some of there successes (and failures) with me! 

Now granted, I plumb and wire to code and since it was faster and easier to do it myself, I chose to do the electrical and plumbing.If you have the energy to do 30 in a year, you would make far, far more money with less taxes buying Subject To and selling to tenant buyers who give you 10% down and do the repairs themselves.

Ideally, the solution will also be something economical    What would you do if you were in my shoes?   

Honestly, check the sources of the economic variables you indicated.How many cranes can you see downtown?