Often, they don't need to be moved in by the time of the appraisal, but if you have a signed lease, first month's rent receipt, and a receipt of the security deposit then the lender will often treat the property as occupied which can help increase your max loan amount in some cases.

So you have bad financial terms working against you along with finding properties, making deals, getting financing etc Secondly - for me it's time consuming.

The rentals are scarce and rents have increased in recent years.

Without knowing specific financials, I would say cut your losses and sell.

Prioritize your financial stability.

In FL PS only provides about 37% of the leads/oppertunities going through the county records offices (I have  study I have done comparing the 2 to back this up if you want me to post it/send it) recorder offices Florida and Hilsborough are obviously competitive but if your getting information before everyone else and using it fast in the market where it matters its not so competititve.If your leads are for say absentee owner, tired  landlord then you want the owner to have had the property for longer to hopefully increase motivation.

Upon BP member recommendations, my husband got his real estate license which now helps increase our access and decrease our transaction costs.

in a stick frame market and one of the cheapest markets to build we build with margin at $190 or so a square foot. that will go up over time about 5% or 10% a year to keep up with new build price increases. we are buidling a 3 story walk up and source some of the lowest priced crews.

The reason I say this is that with a 5+ unit a lender will evaluate based on NOI and a cap rate, so adding a 5th unit COULD (or could not) substantially increase the value of the building and make it worthwhile to refinance and pay off the existing loan (that is tied to the "old" quad) anyway.

Also, gifting real property generally would require an appraisal as well, which could increase costs, too.