I am looking to renew the leases and increase the rents to market value.

Even though it's a B/C neighborhood, is spending that much money on flooring going to get you a decent increase on the rent?

If you are a gambler, what's the odds that prime will increase during the next EIGHT years? 

If you are set on doing this, then you should consult a lawyer to draw up a contract detailing all the possible issues (death, sickness, divorce, etc) and everyone's idea on how to handle it. 

Apply immediately for a rent increase. 

Helps to increase your open rate.When it comes to price, don't make an offer.

You can pay rent and make someone else money or you can buy and make money for yourself. 10 years from now your rents going to be $1,000 higher than it is now, but if you have a mortgage its only going to be slightly higher from tax and insurance increases.

When I purchased the home a few years ago, I put down 20% and have seen an increase in equity since it was purchased.

By starting younger you can exponentially increase your portfolio of real estate holdings.Hope this helps - welcome and again and please feel free to ask any questions.

You hadn't disclosed your intent for the property, but for resale or rental, it would be good to just look at the quality of similar properties, then try to match or slightly go a step up, in order to increase your ROI.Once you've identified what it is you really value currently, it's best to get 3 estimates and see if you're getting the same values for each.