A new 15 year would benefit her greatly without losing that much extra time in the payoff period.I would find out if her loan company would do a streamline fresh start refinance.

@Todd PlambeckYou may have picked a poor analogy ... my neighbour has chickens, so I just go next door when I need fresh eggs ;) I understand your explanation, my curiosity and amazement arises from the observation that wholesaling seems to survive due to market inefficiency. ... and where does the "bird dogger" end and the "wholesaler" begin?

That was the bubble thinking but its still fresh in our minds."

For example, on a given night in poker, I could easily win or lose $10K -- in real estate, you'll spend weeks/months to win/lose $10K.In poker, if you go on tilt and make some bad decisions, it may cost you some money, but you'll wake up the next day ready to start over -- in real estate, you may have months of lost sleep waiting for a deal to finally be over so you can "start fresh."

If you plan to not renew the long term lease, but do decide to continue the month-to-month tenancy, start fresh with a new MTM rental agreement.

Do you want to issue dividends to your stockholders (you and your partner,) or do you want to use the cash to invest in fresh acquisitions? 

Renovation wise I would concentrate on the kitchen and the bathrooms tenants love nicer looking up to date kitchens newer knobs and faucets fresh pain and maybe even ceramic tile the floors if that is in your budget.

Be sure and open windows and doors upon return for fresh air. 

An older building and more management intensive tenants dictates needing a full time PM and a repair person to keep it operating.What you can bake into the numbers for a full time repair person varies on the rents per door collected.Typically you need about 75 units or more for this but for example 1,000 rents per month at 40 doors is equivalent in gross income to 80 doors at 500 a month rent.

I'd try and find out some info on the actual financials like utilities/metering in particular and see if that's currently baked into the rent they're charging or if the owner has to pay it.