Would like to be more hands off as well.

You can pay it off or refinance at anytime, with no penalty.

I would take out a private loan on the paid off property to get the other one squared away

I use all the rental cash flow to pay these loans off asap, then repeat.

If the violations took place prior to purchase, I would at least give them written notice that you are aware of the previous violations and that just one under your watch would result in an eviction.in the meantime, I would shop for new insurance and pass the increase on to the tenant.

Instead, shut off the water to the toilet and place a sign on the door "Art exhibit: Non-functioning bathroom."

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

My vision is to keep it a while (it’s paid off) and use the cashflow to help with my kids college.  

Only thing I'd add is consider off-market as well.

. - You mentioned paying down/off a rental and needing to consider the tax implication.