We plan to get this done in the next couple of months.We have tenants in the units so want to make sure we give proper notice and want to know what are the things we should keep in mind when doing the work so the they are not impacted.

Again from my understanding (and I re-read the proposal) this has zero impact on lending.  

There are a few trade offs to be aware of:CF leading up to that point is diminishedLess flexibility due to a larger mortgage payment each monthHigher DTI, which may impact your ability to purchase other propertiesOnce paid off you remove one of REI's profit areas: mortgage pay downFor me the biggest down side is Return on Equity.

Plug in higher expenses than what you anticipate, so if for your expenses come in below your expectations, your net operating income won’t be impacted.

Jones as regards the current market cycle, paying down mortgages will not have any impact whether things get better, worse, or stay the same.

Once a pickle, she'll never again be a cucumber so if her drinking has an impact on your rental property and effective management as you've alluded to (and there is apparently a history) you're on notice of the ongoing problem. 

As much as I love Okinawa, Japan's land, people and culture, I know I must go in 2016, so, I'm saving as much money as I can to be able to invest some of that money into the real estate sector to maybe be a landlord as I continue my military career.

@Gianni D'Alerta The podcasts have been the greatest impact on my life from this community, for sure!

Hopefully you can see the HUGE impact this can have on your business!

Local investors in LR for the most part want to view LR as the same rental market from 15 year ago so much has changed from a National Level that impacts individual markets.