The general rule of thumb on refinances is to do it if you can make back the transaction costs within 2 years.

One upside to me would consistent rent scale, meaning if you upgrade one unit early, you set the table for all of the units when done because they are all the same.

If the lease is at market rents and the unit is in great shape, it could be attractive to another investor.

Non-payment of rent is always the path of least resistance to get someone out in a somewhat timely manner.

Welcome to the exciting journey of real estate investing in the Seacoast and surrounding areas!

Quote from @Pat Arneson: Yes, sometimes they have a ton on their plate and need to sell some off, and sometimes there is a better spread in their eyes wholesaling the deal verse flipping it.

The click on / locking type seems like what most investors use, but repairs seem difficult without having to re-do a large area. 

Another property continually has squatters even with boards up and bars in front of the windows and doors.

They are summed up separately and then at the bottom I can add everything up to see what all properties are combined bringing in. 

There is good leverage and leverage.I grew up a cash investor and was scared of leverage, but it limited my ability to buy more properties.