It's an uncomfortable situation and not a conversation I'm confident of or can even predict how it will go.So . . .

Planned:Complete conversion from cast iron to PVC, Full bathroom remodel (4x), full kitchen remodel (4x), install 4 new water meters

Be nice, be smart with your conversation.

You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.

Get those conversations out of the way now before you get in a deal.

This conversation pairs nicely with, "We'll also be popping by 4x a year for seasonal maintenance checkups" and any other best practice you want to incorporate.In the final analysis most landlords are not professional nor are they skilled. 

Conversely, there's not much I can do for a tenant with a really low deposit.

It found me, single one conversation negotiation with a retired NASA employee wanting to offload his assets and join a retirement community.

The goal is to buy in the path of progress, and when equity allows you can drop MI and possibly do a garage conversion to create another unit and additional income. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.