I'm more interested in this approach vs REITs/ syndicates, because I reckon with the right partnership, I stand to make far more by not paying such high fees on those traditionally passive options.

You don't want to be cash poor from paying to get into the property.

It should save you more than enough to pay for any renovation.

My tenant has not been paying rent for four months now and refuses to vacate.

This is most likely going to be on you, but if you post any lease language that makes the tenants responsible for paying for or reporting repairs - post it and we will try to get aggressive.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Anyway, code enforcement asked to see the inside of the apartment & i agreed as i was doing some improvements inside like painting etc.....afterwards he nailed a red tag to my wall which i didnt pay much attention to because I was literally unaware of what it was or what it meant.

Do you prefer your tenant shut down his business and stop paying you rent because they have no income?

This is one of those questions where paying a few bucks for professional advice might save you thousands later. 

Who pays for repairs?