While I appreciate that & don't want to push them out, they are well below market rate & the unit is a disgusting mess, approaching hoarder status.

How would you approach this?

This fosters a top-down management approach that ensures accountability and efficiency throughout the property.As I've earned from my own experiences, the difference between a good operator and a poor one lies in effective asset management.

Without having much info, I would need to know the financial situation of the 'close family' to determine a best approach.

I want this to become a rental property and would like to begin investing in real estate, I am not sure best approach.

It’s a move that worked out exceptionally well, especially in a growing market like Phoenix.Here’s how you could approach it:Unlocking Equity:A HELOC is great for flexibility, while a cash-out refinance might be better if you’re aiming to make multiple acquisitions quickly.

This is the framing for my approach, also.

It sounds like the best approach is to always check multiple places for rates?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Ourcurrent approach involves identifying possible contact information for thelisted owners and calling multiple numbers, but this process is time-consumingand yields limited results.