@Randall King If you find the property isn't performing well, a 1031 exchange would defer the tax and concentrate that equity into something that has a greater cash flow potential, like what @Corby Goade said.

The return on equity is probably very low considering they are paid off so maybe explore refinancing or selling the lowest performing one(s) or your biggest headaches to reinvest in more lucrative deals.I noticed you also used a metric of number of rentals to attain your goal rather than $$$/month.

@Leon G. whether or not you decide to go fsbo or use a realtor you'll need to use a QI to perform the 1031 exchange for you if you want to tax on the gain from your sale (and depreciation recapture). 

Never heard of him.Make sure you perform proper due diligence.

Always perform thorough market research and verify the numbers on any property you consider.

Tapping into that equity through a HELOC or cash-out refinance and reinvesting in higher-performing assets could improve their ROI significantly.

Aaron I would not pay but if they wanted to have this added I would have a licensed electrician perform the work. 

I think what you describe is pretty much standard performance for rental properties if your not paying cash and I am just assuming your putting max debt on them to try to get your return numbers into your criteria..

My 22 year old son will be leading his second rehab and will be performing his first live-in rehab.  

STRs work best in tourist-heavy areas with high demand, while LTRs perform well in markets with stable economies and diverse job opportunities.