MF lenders will require you guarantee the loan personally and will likely require you to take title to the apartment building into an LLC or corporation.Also, with larger apartment buildings, and say you need to raise capital (through syndication), having an LLC/corporation is again, better.

I would send them the official letter but also have a phone conversation.But seriously,  raise the rents before you renovate.

@Dontrea RiserRent is due the 1st Grace period is the 5th So if it’s not deposited the 5th by midnight A 150$ dollar late fee applies It used to be 50$ but they would pay there next pay cycle After raising it to 150$ not one late payment!

How easily could you raise the occupancy? 

But I was born and raised in metro-Detroit, and do plan on investing up in the Michigan area at some point.  

We plan to wholesale to raise capital to buy long term multifamily rentals.

@Jordan Santiago far easier to raise equity from individuals when there's no waterfall.

So as long as regional prices (what CPI measures) and in relation average salaries/wages (more pay = able to pay higher prices) are going up, the landlord can continue to raise prices.Another thing I noticed in the bill:  "§ 214 (B) THE TENANT IS VIOLATING A SUBSTANTIAL OBLIGATION OF HIS OR HER TENANCY, OTHER THAN THE OBLIGATION TO SURRENDER POSSESSION, AND HAS FAILED TO CURE SUCH VIOLATION AFTER WRITTEN NOTICE THAT THE VIOLATION CEASE WITHIN TEN DAYS OF RECEIPT OF SUCH WRITTEN NOTICE, PROVIDED HOWEVER, THAT THE OBLIGATION OF TENANCY FOR WHICH VIOLATION IS CLAIMED WAS NOT IMPOSED FOR THE PURPOSE OF CIRCUMVENTING THE INTENT OF THIS ARTICLE;"  This sounds like if the tenant violates the lease agreement and does not fix it within 10 days of notice you can evict

The best thing to do would be to syndicate the deal and raise the capital from investors.

I'm also worried about raising the rent in fear that they might leave.