With that being said we also have reservations about depleting to much of our savings. 

In fact I’ve recently had friends who bought cheaply and resold for 10-20k profit a few months later without doing anything except basic clean up.

That would be a golden tenant and even if they are way below market rent, do the numbers - you'll see that evicting them just to get the rent to market rates immediately could result in a long enough vacancy while you clean up the units, with the resultant lack of cash flow, that you were better off raising the rent a hundred or so a year (example) for 3 years (example) on the existing tenant, and then who knows what kind of tenant their replacement will be.

I originally went to the hard money lender for this deal since we have depleted our liquid cash for now, and again they were interested with 11% and no down payment or prepayment penalties. 

But, we've gone after too many to clean up their mess, it ended up costing a lot more for customer.

Right now there's always something going on around LA, especially on commercial and government side so bank accounts keep depleted which is good, money sitting in the bank is not good, simply means it's not working for you.

I have purchased all the units in my portfolio in cash and have pretty much depleted the majority of my savings, but the numbers make sense (average 9 percent CAP rate).  

Save your money and clean up your credit.

To my surprised, auction.com reps showed up a few days later to put up auction signs, and clean to clean the whole thing out and clean up the entire yard.

I figure less clean up when they leave.