Eventually they will still want to move to a more normal layout and configuration when the market allows it to.Some land the juice just isn't worth the squeeze for anticipated returns. 

All that means is they are buying the low-hanging fruit which I don't want anyway.

@Jacob FussellTo address the actual question as ethics you must not have found any fruitful deals yet.

I suspect repairs will take 12 months and I will need 2 years to get the tenants to leave. not sure if the juice is worth the squeeze but the ability to project year over year costs, improvement work and the final refi must be out there in someone's excel folder. or am I over complicating things? 

Most people look at the price tag of these bills and that is where they negotiate and keep stuff like this as the low hanging fruit. 

Originally posted by @Scott Mac:Run down (Slum) 4 plexes go for $600,000 WOW.Do you know how many SFH's you could get in Detroit for that--Just WOW.Kelowna is lower BC mainland on Lake Okanagan also basically the warmest area of all of Canada along with a huge retirement mecca,  tons of great golf wineries  fruit orchards  Big white ski mtn 35 mtns  the lake it self is about 50 miles long and great for boating and recreation deep blue water. then the mtns are loaded with fishing lakes its really quite the place and this is big for semi Rural BC LOTS of medical..

I'm just starting off my adventure so I'm here to learn for the most part.I have been listening to the Podcast A lot lately and its keep the motivational juices flowing.

(Tentants are: pizza chain, dentist office, salon, juice/smoothie bar)

I am not sure that the deal can be fruitful for any type of loan until after you post some serious numbers for your project from date of purchase to date of re-sale.

Ultimately I'm trying to weigh if the juice is worth the squeeze.