Does anyone have feedback on the idea of presenting the tenants with a choice between two leases? 

Be smart with your money.

The DTI number should have been calculated in 15 minutes from when they applied and sent taxes, and offer choices.

Those guys will be smart enough to know exactly how much it’s going to cost (use L&M market quotes as back up) to rehab up to par.

100% Personal choice. 

@Patrick Thomas Dickinson You sound like an incredibly smart guy with a massive income shovel.

Smart real estate investors use the 1031 rule to swap out an undesirable property, and then use it again to swap out the new property they’ve acquired.

But, my duplex house-hack and rentals were probably a better choice for me based on my finances and other life pursuits when I got into real estate within the last 2 years.

Smart call though to space out the rent hikes a bit to keep good, paying tenants!

I'll be shocked if you can actually get much cash flow out of them (unless you are putting 50%+ down payment) once you factor in the taxes and high HOA fees but sounds like this is more of a lifestyle choice.