This is the breakdown:2 tenants on month to month leases ~$250-$350 less than market1 long term tenant (15yrs) is now on month to month lease and is paying $1500 less than marketAfter consulting with a couple of people and doing some research, it sounds like anything over a I should apply banking rent raise and submit a 60 day notice (all of these units fall into that category).

But furthermore, consult with your attorney.Hope this helps.

Full disclosure...our development arm and our lending arm JV and Consult with investors with less experience to ensure the downside risk of their investment is protected.

@Elliot Angus To structure this deal, consult a Qualified Intermediary (QI) for 1031 compliance, a real estate attorney for seller-finance terms, and a CPA to ensure tax deferral.

My suspicion is that we probably will see little or no money and should investigate using our losses as tax-write offs (consult your lawyer/tax advisor).

It's important to consult an attorney and an accountant eventually, but your first step should be to discuss your plans with your lender.

It’s best to consult a CPA for advice on liability and tax implications.

I would probably consult with a general contractor on making the space livable (If possible).

If you're just looking to fund a handful of deals a year you  may be OK (consult an attorney) but definitely do your due diligence.  

I recommend you consult with a lender with expertise in investing, preferably someone local to you, to discuss the lending options best suited for your goals, strategy, and tactics.