@Rachel Gill We have a thing for older properties as well ... which is a good thing as our area is filled with Queen Anne, Second Empire, Victorian, Georgian, & Edwardian era buildings.It is possible to renovate these old buildings, making them moderately energy efficient (as good as a modern minimum code built home) and still maintain some of the period decor.  

@Carol Zeroual is correct that corp. might be more complex to maintain comparing to an LLC.

I was thinking about doing something similar where we purchase with owner financing, improve, then refinance with private money or bank to maintain good cash flow, as well as pull out equity for more investments.

Potential for damage to the unit will increase and a fence is just one more thing to maintain.

To maintain/grow your cashflow. 

If we refinance and still hold the properties, they maintain their ownership percentage, but if they have all of their cash back there will no longer be the preferred return. (2B)  If they want bought out, but it's not majority to sell the properties, they can sell their ownership stake along with all benefits to any one at any time.  

Hi Josielyn,  The cabinets are wonderful...can't say enough about how good the quality is, they are sturdy, they maintain their new look, and we still get compliments.

Generally speaking, it's been underperforming for a reason that's above the level of "ugly" or not-maintained.  

There is more mowing, maintenance, perhaps fencing and tress to maintain.

It is a big jump from a few residentials into commercial and your ability with construction may be the key to success here.....personally I would play to your strengths and increase rentals in newer, well maintained residentials......but it could be high risk, high reward as you mention, netting you millions over time or driving you into bankruptcy with an environmental hazard or demolition candidate....