Yesterday, the landlord stated that it was their impression that we had agreed to painting not only the two rooms but extra rooms as well and now they are saying they are going to void the clause and raise the rent back to $3200, or we have to paint extra rooms not agreed upon.

The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.

I'm born and raised in Houston and now work with a full service long-term rental management managing over 300 doors - all SF or MU (up to 4 unit).

I am now at the point where I want to learn how to raise private money, learn how to under write smaller deals, learn wholesaling and utilize my next five to seven years quite wisely combining my building skill sets, circle of influence  with wealth generating skills. 

Their plan is to raise rents (on the poor remaining souls, improve infrastructure and exert some sweat equity. 

Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi. 

You will also need to determine how much you want to raise.

Heck, maybe I’ll give the property manager (me) a 100% raise and an all expenses paid vacation 6 times a year.

@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?

However, there’s a catch—I’m looking to partner with an investor to help provide the capital needed to complete the deal (would need to raise around $200,000-500,000).