.,  to get it where I want it while still preserving my profit ratio.

In the meantime, you can make any repairs necessary to preserve the property.  

So if your objective is to preserve cash and you are ok with trading off a little equity then it can be a good approach. 

Generally, if the tenant is willing to accept $500 or $1,000 and save you the expense of filing for an eviction, that is a better option and also serves to preserve the condition of the property. 

So as a persons net worth grows the desire to preserve the wealth with safer assets and lower cash on cash takes precedence over higher returns.Once you make it to where you never have to work again you do not want to lose all or most of it chasing anticipated high yield assets with too much risk.  

Yet I see investors doing crazy things like this in real estate.Better in my opinion to take a diversified approach to real estate. 1/3 in wealth preservation strategies without partners like performing notes at 50% LTV (which I have) or tax lien certificates.

Here is the link to register: http://kcmo.gov/neighborhoods/neighborhood-preserv...

If they redeem, they will have to pay you for the VALUE of your "preservation improvements" (plus taxes, interest and insurance) but not additions or upgrades.

Doing so, will preserve your landlord rights better and allow you to make changes without the tenant's consent. 

Occupancy, Preservation, Maintenance and Protection of the Property:Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control.