Another approach, as the property badly needs a new roof, exterior paint, fencing, etc. is to undertake that work now, if they won't relocate - keeping in mind the right to quiet enjoyment.

This is a recursive, multi-step process, but worthwhile if you can undertake it. 

Much of that was the surprises,  but a portion was the extra time and effort it took to figure out some of the new things were were undertaking (like the floating subfloor).The more painful bit was the length of time the unit was off-line - almost 6-months and the loss of revenue that goes along with that.  

Such damages may include but are not limited to termite damage, dry rot, mold, deterioration, decomposition and/or threatening structural issues discovered during the course of this project"That should give you some insight as to what you may expect as you move through an undertaking such as you are describing.

The bamboo flooring has been installed in the living room on the first floorThe laundry room/walk-in closet in the first floor unit is painted and just needs the tile installedThe bedroom in the first floor unit is painted and the carpet will be installed on Monday as well.The big undertaking on this floor is the kitchen which the contractor is going to leave until last, the kitchen on the 1st floor will be a complete gut remodel.The front entry way walls have been painted and the first coat of paint put on the steps that go up to the 2nd floor. 

Raising capital to become a lender through rental property ownership is a years and years long process, and like lending, being a landlord is a huge people person undertaking.  

Assuming you feel competent enough to undertake these types, I would spend a lot of time researching which states/counties to invest in.

It was an adventure, as it was our first undertaking of this size.  

I am new the world of real estate investing, just created an account on this site, and am thoroughly excited about these new leaps with steady strides I've just "decided" to undertake!

I have been advised (in Brandon's book) to seek legal and tax advice before undertaking a partnership with friends.