The tenant lease states that the tenant is responsible for paying property taxes unless the property tax increase is due to the sale of the property in which case the tenant is excluded from the property tax increase for a period of 5 years.

This quick and profitable transaction highlighted our efficient investment strategy and the strength of our partnership with Mark Raby.

If rates did drop, that 3 year fixed period means their rate would automatically drop with it, so they wouldn't have to refinance if they didn't want to, but if they did want to (cash out refi made possible by a recession forcing more elderly people into assisted living facilities, thus driving up rents, and the value of assisted living facilities? 

Not sure what neighborhood you're in, but it sounds like it's a class C/D property, which will naturally have a harder time attracting tenants that will (a) pay on time, (b) maintain your property, and (c) stay for long periods (which matters in the long run). 

@Noyessie HubertIf you plan to rehab all the units, if is more efficient and cost effective to do them at the same time.

there are lots of options with you budget I invest in toledo where cost efficient properties are available in good areas More then willing to chat about it

What I would do is make sure you have a good long period to get a contractor in and you can pull out if gets to high.  

You often can’t count the rental income to offset the cash-out loan until you have been receiving rent for a period of time…often 1-2 years.  

I claimed about $30,000 in depreciation on my tax return during the rental period.

I assume that finding a good PM and making efficient improvements can be challenging.