@Beatriz Pagola,  You are way off base with that zip code and crime rate assertion. 

The rent roll shows annual leases, each for different programs, and there's been no mention of a contract on the building by the agent so I don't believe there is one and instead this would entail an annual inspection for each unit.

I want to know first hand what it entails for when I am dealing with contractors. 

Essentially what I'm trying to say, is you can't make the assertion that one asset performs better than another unless you're prepared for an apples to apples comparison.

To be sure, equity sitting in a house is dead equity - it's not making any money - but not all of your money always needs to be making money, because making money always entails risk, and a certain portion of your total net worth should always be easily accessible, easy liquidity, and instantly valued - ie, $10k in your checking account is worth $10k today. 

@Daniel DaskaloskiThe project entails the need to syndicate whenever there're passive investors involved.

If you want to be a landlord, make sure you understand what that entails.

You have made three assertions of fact: (i) good area, (2) rents below market, and (3) tenants wanting to renew their leases. 

I would like the line of credit attached to the mortgage to reflect the new equity value.My question is how should I go about that and what does the process entail. 

And a year or two later you decide it’s not a good entail.