Fellow attorneys rate him 1.5 or 2.5 out of 5.  

million in addition to their investors (who expect a reasonable rate of return) by keeping the rental rates at a fraction of the market rate?

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

I looked at their booking calendar one time and thought it was pretty empty.I guess you don't know until you try...and probably depends on if you want high occupancy or high rate?

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Increase the occupancy rate to 80% or higher over the next 12 monthsto increase the value.

I've been looking at a lot of smaller towns around Cleveland, Ohio and have noticed there are a lot of seemingly decent cash flow properties, but more around the 1.5-1.8% rate.

My main concern is the interest rates being so high now as to whether what I'm hoping to achieve is really even possible. 

As far as your next property, if you are already considering moving you will get better loan options + interest rates if you decide to live in the next property and rent out your current house. 

Note if you go over 4 units, your valuation will be based on NOI and comp rate.