Because I believe the cash flow this building will kickoff will feed me for a lifetime.And...30% in capital gains as tax and a $6000 prepayment penalty did not excite me.1031 exchange may of worked, but, it sure is tough to locate a replacement property that would suffice.Thoughts?

If you don't want to deal with lockout simply replace the door knob with a latch that doesn't have a lock (just a doorknob) and keep the deadbolt the only lock with a key on the door.

The house needs HVAC replaced and the roof is about 25 years old but does not need to be replaced immediately.  

About me:I am an engineer by trade, and a numbers/finance guy at heart.Invested in first rental property in 2016Self-managing 1 unit for self-education, other 2 units are professionally managed.29 Years old, married with kids.

It is common in rural areas, many townships have decided to not require permits for repairs, most will require permits for new construction, and additions, or changing window/door openings, or roof lines, I did a rehab in Merrill WI , we replaced windows, roof, siding, flooring and much more, I called the city, they asked if i was changing openings or roof lines, and since I was not, he said no permit required.

Make a list of all your CapEx items and break it up into monthly costs to replace it based on it's lifespan and current condition.

Here is a breakdown of the items they saw that needs attention.Needs minor trash removal; needs mownSupport post trim needs replaced; badly deteriorated; upper trim needs scraped and paintedBroken panes on side back needs replacedReplace fixture on front porch; flood lights on backNeeds some minor trash removed and minor work done220 wiring needs secured;not up to code, needs to be placed inside conduit.Install new furnace filterClean and paint register ventsInstall apprx. 4 door stopsFull interior rent ready cleaning required after all work completeReplace as needed to match all light bulbsSteam clean all carpet; sweep and mop vinylReplace missing storm door, paint interior doorPaint all wallsPaint door; interior shows signs of previous leak, but doesn’t appear to be a current problem; paint interiorSeal gaps in side window; paint all; seals appear damaged on double pane windows; may not be an issueReplace screensInstall two smoke detectorsInstall two blindsTouch up, as neededPaint all window sealsSeals appear bad; paintInstall screenVery old and drawers fall out; should be replaced with new; secure handles, if keptHas several large chips; functional sink otherwiseInstall two strainers Install fire extinguisherPaint side exit doorEstimated cost is $4,000. 

We are currently looking for someone to replace me so I can move over to a Business Development (sales) role.

In other words, I have spent six months trying to figure out a way to make it happen, reading about finance and real estate, and talking to community business owners (I should mention that I live in an area ripe, RIPE, for revitalization), and then forming the numbers as I reverse-engineer my business plan. 

The two boilers were replaced about 10 years ago and still look to be in good shape.