I would just say it depends on how much excess cash you have/earn monthly and how handy you are with doing some of the upgrading yourself.In either case, I have helped many clients carry out both of these strategies in the Southern California area over the years. 

As far as cost, I would try to get 3 bids on each jobs (if you are new) maybe even 5 bids (seems excessive but you will learn a lot by talking to each trade).

If you consider that $7k an investment to increase the income by $2.4k annually, it is a solid return, but I would want to ensure that you aren't prematurely forcing a good tenant out by causing excess financial stress.

I do1 checking- operating/ payments1 checking- security deposits1 savings- excess money transferred into

They pull excess cash out of a property even if it is only to place in alternate investment vehicles.

Last night one of the other tenants call me at 4 in the morning that they were making excessive noise and they broke a window.

Excessive I/O, out of market amortization schedules, out of market interest rates, etc.

Execute rehab and development deals, combine these funds with the excess funds from item 1, and fund long-term rentals3.

Or extract Industrial Hemp for CBD - 1000p costs 30k - Yields 10-14% (100-140p) @ $1000 a pound and being able to extract 1000p a day you’ll clear $600k min a month.

However, if the distribution is in excess of your basis in the partnership, it may become taxable.