I'd say the most important thing is to read so many books on lease-options that your eyes begin bleeding (okay, maybe not - but seriously -read a lot).

How much should I increase the rents to keep them there or should I just raise rent at Market Value and expect all the tenants to leave and remodel all at once and take the bleeding upfront?

The little teeth went through my jeans and left 4 nice, bleeding, puncture wounds.Suddenly the HOA president transformed from community dictator to my best buddy.

The rate was decent and the borrower even got some interest only months at the front end to help with the inevitable cash bleed while he cleared the building. 

Talk about swelling with pride!

I know this post is long enough to make your eyes bleed so I will end it for now with a 'To be continued...'

@Jean Robert S. well first of all what kind of auction are you referring too? 

Currently O/O bringing in rent for the first unit at 60% of the PITI [and pmi unfortunately] (easily worth 75%, but I was bleeding money after sitting empty for 4 months.)

I myself has the same experience with a joint venture to people that has no experience and end up take the loss rather than continue to bleed cash for hard loan interests.Good luck to you!

these guys will just bleed you until you finally figure our you have been screwed over.