Later, when it's making a profit, come back during slow seasons and look at your list of potential upgrades.

There're lot of creative  strategies that can be used in Bay Area.One thing I learn: while it's okay to follow all suggestion in BP, but every strategy should be tweaked to gain abnormal returns.here is one example, last night I saw MLS listing for ugly homes in San Mateo around 800k, I really can't non-stop think to upgrade/rehab those houses LOL.

Aloha,Military Tenants can be excellent, however after over 20 years on this rock with NUMEROUS bases from all branches, there are some considerations: First of course, is the Servicemembers Civil Relief Act, which does provide that any Rental Agreement can be broken with 30 plus days notice due to Permanent Change of Station or a Deployment of more than 180 days.

I was talking to family in northern Wisconsin yesterday and they were griping about their broken heater.

I'd give rent raise across the board and if your scared they will all move out do the worst unit first followed by the others, So if you have vacancy your set up enough to be able to upgrade the vacancy and still have income coming in from the other 2.You don't know these tenants they might be great but if you can I would do all leases on a month to month basis,, this gives you opportunity to raise rents rather quickly and also to give notice if the tenant isn't what you want for neighbors, tenants. 

The BRRRR strategy has enabled me to provide fully upgraded homes to people who need them, and I get paid extremely well for them.

totally upgraded the kitchen, and bathrooms, New landscape, lights, paint.

I bid on one recently where I would have broken that rule in order to get the deal, but had a plan to work with the homeowners to retire the title and therefore increase the value of the note. 

@Emily Horton welcome to NY, I'm curious as to why move to NY, I hear Texas is seeing such a bloom in population growth. westchester is an ideal area as it's just outside of NYC, very expensive area however u get alot of people moving out of NYC due to affordability. from what I've been watching on the mls, alot of the multi family's need upgrading and so, I've seen a few foreclosures hit the mls recently as well, good luck on ur new venture may u decide

Buy something near turn key that needs a bit of work but nothing major (only upgrading 1 unit or something) and then buy it, force its appreciation through rents and then cash out refi and do it again.