IN my opinion they also increase risk if you are a passive investor and want to jump into that game. 

Utility bills can increase significantly if guests stay for months during hot summers or cold winters.

The goal is immediate cashflow that will quickly increase as we fix-up and/or lease up the properties, which ultimately will lead to a higher property value and a cash-out refi within the 5-year term.Do you happen to know of any good portfolio, bridge, and/or DSCR lenders, private or otherwise, that may be willing to work with such a scenario?

Benefits include shared financial responsibility, increased savings, and valuable landlord experience.Good luck!

You will see cash flow after probably two years: refi to a lower rate, (right now it's about 6.5%), and increase rent over time.

I’d love to hear about your experience and how it influenced the outcome of your project.

Wage increases by percentage (are job wages increasing or declining to indicate job market strength)11.

Here is an opinion: The increasing US deficit and US rate cuts will cause asset valuations to rise. 

If we want to make upgrades to the units while our tenants are in there and negotiate an increase in rent when the lease terminates - suggestions on an appropriate way to do that? 

Save your reputation above all else and you will increase your chances of being successful.