If the existing rent $$  is subpar, are there any best practices to increase or obtain new renters?

He's a fake billionaire influencer: "look at my car, look at my boat, look at my plane now send me all of your money so you can be like me" type of guy.

If there is debt on the property you run into the debt-financed property issue which can cause the rent to be treated as UBIT and be subject to the trust tax rate which increases to 37% extremely fast.

From a rate perspective, likely is not close to making sense at the moment, would need rates to drop further, however if value has increased and you are looking for cash-out, that motivation (any lower rate as icing on the cake / secondary concern) it could make sense to look into

Although real estate seems to always increase in value there are times when it feels like a jagged knife.  

For this risk, only the owner benefits from their property increasing in value and any positive cashflow.

Look at the multiple factors that influence your market to determine the price.

If you buy a property and hold on, it will increase in value and make really good money.

I raised the rents to bring them closer to market value, though still not at full market rates.It’s now been four months since the rent increase, and Tenant A has requested hardwood flooring to replace the carpet, which I believe has been there since they first moved in.

They know the tenant base, median rents of different areas, how much to increase rent each year, ranges of repair costs (ex: tenant calls and says AC isn't working, no hot water, faucet is leaking, the HVAC system goes out).