Sure, you can make your unit extra special through design or amenities but when most of your competition is similar in size/shape, those extra items can only warrant so much of an increase in ADR. 

Solid business and population growth to support long term appreciation. 

I expect the cash flow to be $0, and I will have to set aside some of the reserves out-of-pocket for the first year or two until the rents increase. 

The appealing aspect here is the ongoing population growth and other economic factors.

In the reverse, if you increase revenues 3% and expenses 2% you're naturally going to inflate over time.

Prefer area with population and job growth potential.

I know one thoughts are “I can sell it for more” but that increases the risk as well because if I had a $250k loan on a $225k property and values continued to decline and the mortgage is in someone else’s name - I would be like “ok let me hand the deed back and walk away and go ahead and sue me…

I'm looking for any / all advice for best practices around how and when to inform tenants about the rental increase/request to vacate.

A good agent will help you develop a strategy of the highest and best use to maximize the value to increase rents and the highest price on the exit.

just wanted to know, what strategies are you using to increase bookings?